I've done this (fully consensually, within a role play context) several times, both as the giver and the receiver.
Favorite lines/phrases have included BAD BOY and LOSER across the chest. (I've also had OWNED written on my dick.)
If it's something you're curious about, go for it! Just keep in mind that consent is incredibly important, because words - especially words written on the body - can be pretty powerful. (They can also be a LOT of fun.)
Love you, too
