Who forgot to poison the monk beforehand?
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Given that they're immune, you may as well always keep them poisoned, just in case.
Poison the monk
My party fought a purple worm recently. It devoured the cleric. Then the sorcerer used polymorph on it to turn it into a frog, which caused the cleric to get squeezed out of it like toothpaste in a tube and shot out of it and collided with the cavern ceiling, taking 'fall' damage. Then the cleric used divine intervention (successfully)... as a divine avatar they swooped down and crushed the frog between their hands, releasing a tidal wave of venemous worm viscera to wash over everyone causing them to take massive poison damage. Great fun :D
In terms of your plan, drilling a hole in the rod may cause it to lose function. Also a general rule about polymorph is that there needs to be room for the transformation, and a general rule for invalid creature placement is that creatures take a small amount of force damage and are moved to the closest available space. As your DM I'd probably say you couldn't end polymorph early while it's in the rod, and if you lost concentration or the duration expired, it would be shunted next to the rod and take 2d10 force damage.
Actually what I'd like to do is have the worm trapped in the rod, make you believe it died, and the next time you used it the worm would appear.
Diabolical. I'm thrilled by the idea of it happening to someone else.
We had a dm that got tired of extensive battle plans of over an hour (fair) so would start a timer when a new encounter would pop up or we started taking a huge amount of time on something. Every 10 min they would drop a d20 with a "random" thing that would occur to the party. Positive or negative things can occur. We got the picture quick. It was fair, we liked to plan almost as much as fighting lol.
Why didn't you poison the monk?
Aren't purple worms most likely way more poisonous than the bait could realistically be?