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No, the ring will chafe your dick.
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It may be a little uncomfortable, especially if it has some kind of stone set in it.
Last i checked, it's abstinence from sex. Masturbation is not sex, so you're okay.

But yeah, it might chafe.
Wtf is abstinence ring? First time to hear such a nonsense. Where do you wear it?
Ah, forget it... I don't wanna know. :]