Donating blood is really a great option. I have a high but normal iron level. 17.3 dl/L or something like that. Still within the normal, healthy range, but on the far end of it. This might have to do with my diet, my exercise routine, and being Irish. I also have Type O negative blood so I am the universal donor. The Red Cross has a machine that will allow you to donate two units of red blood cells at once while pumping the rest of your plasma and what not back into you. It's kinda trippy, you get the tingles on your lips and forehead when it comes back in because your plasma has cooled to room temperature so I assume it's the muscles shivering.
If you have high iron and you donate blood, your body will put the extra iron you are ingesting to work by creating new RBCs so while I'm not a doctor, I don't believe the iron would build up if your body is constantly needing to reproduce RBCs. I personally believe that it improves my fitness because my body is forced to function under high levels with less RBC and it becomes more efficient. My VO2Max levels are pretty good when I am at full blood capacity.
And lastly, and most importantly, you are doing the community a quality service by donating blood. By doing the Double Red donation, you can only do it three times a year. The Red Cross wins because they get 6 units of blood instead of 5 and you win because you only have to go 3 times a year. And if your iron count is high, the units come out quickly and you don't have to sit at the cantina afterwards, it takes an extra 15 minutes total, if that. And the Red Cross is in desperate need for blood. How would you feel if a loved one died in a car accident and you didn't donate when you could have? Taking a pill to pass iron through your system seems like a waste of a gift. If you have high iron, please donate and help save a life or two.