You can skip the placebo pills if you take oral contraceptives, or if you get the Depo
shot (every 3 months) about half of women stop getting their period at all. I'm about to try this method.
As for sex, personally I think if you get to have sex with a woman, than it's stupid to be grossed out by her period. You're getting laid, dude! Get over it! But sadly, that's not the world we live in, so I recommend to you... the sea sponge! You just put it up there and it absorbs the blood.