If it's a stud then as long as you don't mind the back of that earring, the pointy part, stabbing into your neck. The ear guard and tape would be enough to keep it from getting torn, snagged, and such. But you still risk getting stabbed. You'd need to cork it with something before taping it.
Or, if it's a ring with a trap ball then taping it and using an ear guard should be okay to save it from all but the most freakish accidental trauma. However, infection becomes a lot more of a real risk by doing this.