No, I haven't considered it. If I told someone and it got out, I would have to admit it. No thanks.
Everyone's situation is different, and advice is cheap.
All I can say is, if you can't handle the worst case scenario, don't do it. Career, friends, family. What could happen?
Can you afford to lose your job? While you are unlikely to be fired from most jobs, the hazing could make you miserable enough to quit. Can you afford to lose your credibility in a career where reputation counts?
How will your friends react? How many are you willing to lose?
Losing friends is one thing. Having family write you off is quite another.
I'm not saying there's no upside, rather that any potential upside needs to be weighed against all the shit that could happen. Eyes wide open.