I'm not an expert on nose rings.... but could you take it out for the rush parties? I don't know the culture of LSU and the Greek system besides the competitiveness and that they're somewhat conservative.
I think that small, tasteful noserings can look quite nice.
However, if you're already concerned that it may be a distraction, i'd say to take it out.
You want these girls to get to know YOU, not look at your nosering.