Based on the pulling down photo, yes, you are only pulling skin. When you have that much skin pulling off the pelvic area, the foreskin is slipping with the wrap, causing the downward expressive pull to stress your skin and not your penile shaft. This is where the revisit on the wrapping, specifically to you, is needed. The skin should not create that delta shape appearance when you pull downwards.
When using the same wrap, you're pulling upwards or curling upwards. You're stressing the lower skin and not the upper skin. Since the scrotal sac and the areas around the scrotal sac have a much greater yield, you can pull or curl upwards without that tension on the skin. This is why your workout is more noticeable for the inner penile segment.
What is the point here? Wrapping method. Wrap starting at the base of the glans. Wrap downwards to the base of the penis. As you wrap, pull the foreskin downwards as much as you can. Try to find an appropriate level of wrapping tightness to prevent a lack of blood flow going through the penile shaft. It's a learning experience, especially for the wrapping. The wrapping is the majority of success or fail when using any PE device, be the LM3, the extender, stretcher, or even hand-only manual routines (weird to even use the wrap, right?) or post routine (essential). It's all about the wrapping techniques. Any major sliding of the foreskin under the wrap is the killer for the LM3.
There are two unique methods I taught the brothers in the past. Use whichever material you feel most comfortable in using. I like to use a combo of TheraBand-like material (rubber) and flexible tape. Sometimes I go crazy with kinesiology tape if I'm not planning to leave it on for 40 minutes.
The wrapping of the rings method:
- Start with the first 0.5in to 1in width for the first ring below the glans. If your glans is smaller than your penile shaft, use the smaller width, as small as 0.25in. This is your terminal ring. Without it pushing against your glans, the foreskin will slide.
- Start with the next ring, which can be 1in to 1.5in. Make sure to pull the foreskin down while wrapping.
- Every following ring can be 1.5in to 2in. Keep pulling the foreskin downwards to the base of the penis as you wrap.
- Last layer is the largest width, between 2 and 3in. Wrap at the base of the glans towards the base of the penis. This is to create a final bulk and to prevent the rings from unraveling during the pulls.
- Strap the plates on.
The spiral method.
- Start with the first 0.5in to 1in width for the first ring below the glans. If your glans is smaller than your penile shaft, use the smaller width, as small as 0.25in. This is your terminal ring. Without it pushing against your glans, the foreskin will slide.
- Use a very long piece of wrap, fold in twice or thrice to the width of 0.75in to 1in. Wrap two to three loops at the base of the glans over the first ring, and slowly spiral wrap downwards towards the base of the penis. Make sure to overlap each loop at least half the width over the previous loop.
- Last layer is the largest width, between 2 and 3in. Wrap at the base of the glans towards the base of the penis. This is to create a final bulk and to prevent the rings from unraveling during the pulls.
- Strap the plates on.
Just something to experiment with.