It took a little over an hour total, and wasn't nearly as painful as I expected. It took about three days for the first scab layer to break off, and it now looks as it should. An important lesson I learned the hard way - wear an absorbant bandage for the first few days, especially when sleeping. I ended up having to scrub a near-perfect copy off my sheets. That was the first night; there hasn't been any additional bleeding since then, and all the excess ink has since washed away.
To put things into perspective, the diameter of the circle is three inches, and the total height is about five inches.
This is a pretty bad picture, but I took it myself.
There are more pictures, but Besh hasn't uploaded them.
The original graphic from 1995.
Chuck IV animated it against my will, but I liked it enough to forgive him.
The original drawing from 1991. It's a little different, but the design is clear.