Hey Pup,
this is my first post, and like you, I am obsessed with having hangers that h-a-n-g. I say leather all the way. I gave up on weights for the most part last year.
I have been going at it for about 2 yrs now. The start was rough. Now a-days I have a fairly good amount of skin and a nice hang in the warm weather. I have also given up on underwear. Its pretty satisfying that my work has paid off when they climb down inside my pant leg.
I started using metal weights in the begining and eventually graduated to a fairly heavy split collar. I tried to wear it all the time, but it got achey and uncomfortable pretty fast; plus the metal seemed to stick to my skin if I was sitting or not moving. Removing the collar at that point became pretty painful. I could barely make it through a single nite's sleep most of the time. Although there was no irritation, the sheer weight became too much to lug around. Often during the day the large size of the weight itself was a bit indecent as I was walking down the street. My bulge wasn't hot at that point, it looked like I was hiding a melon in my shorts; or worse a colostomy bag.
After a 6 month discouraging break I decided to try leather. I have to say, "MUCH BETTER!"
I am now able to wear leather 24 hours a day non-stop. The theory is that instead intense tugging, I have a long term slow stretch. I saw results fast in the first month. It was a looser skin, less thickening and never any pain or discomfort.
Guys, if you want to do this, my suggestion is DO NOT buy a hard leather stretchers like most of the shops sell. You want a soft leather band that is a snug fit. If you can make it yourself, do that instead. The point isn't to yank the skin out hard and tight, but to keep your nuts away from your body in a comfortable place for as long as possible. If you do it right, you should be able to wear a soft leather stretcher non-stop. This is why I suggest you make one yourself, so you can get the fit just right. Just buy some leather and metal snaps at the fabric store. Start small.
If you buy the firm thick leather ones that all the sex shops offer you will chaff and get irritated areas on the underside of your dick. This happens as the stretcher rubs against you while wearing it, walking, etc.
The point here is to wear it for as long as you can, removing it only to get naked for some fun or to shower. Wear it all the time. If it hurts, make a smaller one, get softer leather or both. It shouldn't hurt at all. It should feel more like a sock on your foot. If you do this for a year you WILL get low low low hangers. I PROMISE.
Also, it seems like common sense, but you will have to give up briefs and tight undies during the process. Sorry, but it comes with the territory.
Last, cold nuts are okay for the most part. If while stretching they appear to be chilly, no worries. The true test is when you push the skin and it goes white. If it doesn't turn pink again really fast, your stretcher is too tight and you have cut off the blood supply. If you find they turn blue, then your a moron and shouldn't be making your own stretchers to begin with.
Hope this helps.