Well I don't see how you can hold it further down, doesn't work for me. I'm uncut and what happens is the skin just keep rolling over the head and I lose my grip.
It was pretty uncomfortable at first but I got used to it. Can't say I've lost sensitivity but that could be a good thing in some cases. I've tried some soft fabrics and surgeon gloves and they both worked ok when I was really sensitive. In general I'd say barehanded is the best way to go but give some other materials a try. Talc powder did help with both getting a better grip and avoiding irritation but I stopped using it after the reports of "hidden dangers".