I don't really see why it would. At a minimum, all it would need is a few variations of:
Belt detects Steele's defeat/arousal/other indicator of incoming sex
Belt pops off/opens/whatever, falls to the ground or otherwise moves out of the way
<existing sex scene>
Belt reattaches itself
So it would be more like a wrapper text than any rewrites or entirely new scenes.
This makes the device... kind of pointless? A chastity belt that takes itself off, before you have sex, is not derserving the name. I think I get your concept now, but I guess it is not usable. Because reasons. I don't have time to think it through properly.