Yes, absolutely possible. You dont need to hang with more than 2.5-3kg, and if you bundle you will achieve the strain in less time. You can hang with a vacuum for lets say 20 minutes, 10 minutes bundled to the right, 10 minutes bundled to the left with 2.5kg. NEVER, and I repeat, NEVER exercise your penis to fatigue. There is absolutely no science or literature leading positive results on collagen tissues and ECM from fatigue or inflammation. Strain is the goal for the reorganization of the ECM.
In the case of US while hanging, of course if possible too, however, it makes it a little bit more complicated to do the stress relaxation while hanging.
Do you think taking collagen supplements would be of any benefit?