Asked my obgyn/midwife and she said "sure unless it feels uncomfortable no problem." But then the other obgyn came in because she needed the non-latex gloves and said no I shouldn't and started spewing off a bunch of horror stories so now I am kind of torn. Because both are good doctors and have been in practice together for many years. I was just contemplating and wanted some opinions and stories if you have any?
Well, your doctor is correct. Leave it in until it gets annoying to you. Chances are before any of these 'horror stories' happen to you (if they are going to happen!), you'll get irritated with your belly button ring.
In reality, it is going to depend on how big your belly gets, etc.
Personally I would take it out. It's not worth taking a chance and getting an infection. Also, the thought of the belly getting larger with the ring sounds really uncomfortable to me. The warnings alone from the second doctor would be enough for me.