Yeah, this might be one of those times you're best off with jewelry in, just much smaller jewelry. Choose something like a single flared plug made of glass or titanium, and with whatever oil you're using insert it from the side of the blowout, so the flare can help push the tissue back into the piercing. You want the o-ring snug but not too tight, you don't want to squeeze the piercing. Good luck!
I've never heard of using hydrocortisone either, I honestly might ask a dermatologist or at least a GP or nurse about it. Emu oil would be a good choice, it's safe for broken skin and very moisturizing.
