I understand where your at buddy, but what I think (may be wrong) is so long as the warnings are placed, and the risks explained, its the choice or the person doing it in the end.
If someone wants to hang weights while erect, they should know its dangerous and can lead to a fractured penis. It could possibly be done by somebody with lots of experience, but in all honesty I dont see allot to be gained from it apart from the increase chance of injury.
Try erect hanging at your own risk.