I was wanting to use the regex substitution pattern delimiter '|' instead of '/' because my read data had '/' in the text, so '|' meant I didn't have to escape the '/'s.

You don't have to escape delimiters in the read data. You only have to escape delimiters in the regex (or replacement). And the regex you show contains no '/' characters but it does contain a '|' character, so '|' is a strange delimiter choice.

 $ perl -MO=Deparse -e 'm/\|/'
/\|/;

 $ perl -MO=Deparse -e 'm|\||'
/|/;
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The above shows how you have changed the meaning of your regex by changing the delimiter character. To include a '|' in a regex delimited by '|'s, you have to type '\|'. The '\' escapes the delimiter and leaves an unescaped '|' for the regex. Worse, you can't get the original regex easily:

 $ perl -MO=Deparse -e 'm|\||x'
/|/x;

 $ perl -MO=Deparse -e 'm|\\||x'
/\\/ | 'x';

 $ perl -MO=Deparse -e 'm|\\\||x'
/\\|/x;
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None of those give a regex of /\|/x. You have to go for something different having the same meaning:

 $ perl -MO=Deparse -e 'm|[\|]|'
/[|]/;
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You have to use '\' to escape the delimiter and you have to use '\' to escape the '|' regex metacharacter. But Perl provides no way for you to use '\' to both escape the delimiter nature of '|' and also escape the regex metacharacter nature of '|'.