I think it is the imagination of a lot of CBT enthusiasts to have a shock collar used on their penis'.
Why risk it?
I use my fire and electro device...which is like a little sparkplug.
There is a little fire and a little shock...so wicked.♥
I also have humblers and stretchers and wicked weights and TENS.
So many ways to torture a penis♥
Sara's Secret sells a shocker that you can put on a penis with varying degrees of shock,

and there are also remote-control shocker devices.
Those dog shock collars are more potent, and if someone has a heart condition, or ...even though you are using it below the waist, personally, I would not risk it.
Please use at your own discretion.