I think it's silly for the school to have banned such jewelry in the first place, but they are well within their rights to do so until a court rules otherwise.

The clear winner in all of this is the Church of Body Modification, as they're getting a lot of free publicity here. They'll likely get a few converts out of it, regardless of how the situation turns out.

I would expect this to be settled out of court, but if they do decide to take it that far, I would expect the school to win, especially after reading over the Church of Body Modification's statements and guidelines.

They hold that they must be able to alter and modify their bodies. In this case, Ariana must be allowed to have her nose pierced. And she does.

The piercing itself would seem to be the important thing; I see nothing in those same guidelines and beliefs that would require her to wear a ring in it at all times.