This is a form of tucking, and can be done with tape or glue. Not sure about using glue myself, but the technique is sound.
It will induce sterility, but won't enpower chastity too well, unless you're glued down. If, when you get hard, you experience pain - you'll learn to NOT get hard. Simple. Pavlovian.
I've wondered about doing similar to myself, leaving a "pocket" with the penis and scrotal tissue, so that with lube, you could have fun with a vibrator in a very lady-like way.

Might want a tampon afterwards, though, as the lube would stay inside...