I got mine done a couple years ago. It didn't really hurt or bleed but I dont mind pain so I dont know if my rating on a scale of 1-10 will help you lol. I think it took a couple months to heal. I use the long industrail bar for mine but have used the barbells for eyebrow piercings in them. Its only sensitive after getting it done. I lay on my sides when sleeping and barely feel it or any discomfort.
I have mine you can see it inky profile pic to see how it looks. I've had belly, 3 lobe, conch, industrial, tongue, lip, nose, and septum and of them the industrial hurt the most- 9/10. However, my friends all thought it was not that bad and my mom also thought the same so maybe mine was done in a wrong way of something. Healing time can be anywhere from 1-3 months but you should always soak your ear In a salt water solution and rub chamomile tea on your ears during the process. As for jewelry, you can use any because it's basically two piercings so you can even put in two different rings though for it to be a standard industrial piercing you should only wear a barbell. I wear it as a barbell but my friend took it out and started stretching it and it also looks cool. As for bleeding, it will bleed more than the lobe piercings because of the area the piercing is in but not as much as some facial piercings.
I've been told that it doesn't hurt much. Then again, I do not know since I only have my lip-pierced and that didn't hurt at all.