Youre not the only one man. LOL. I think this guy had good intentions...but, no practical knowledge. Let me better explain why this wont work.
The hanger, as I've mentioned above, needs the "shoulders" of the glans on both sides behind the glans to anchor itself into position for hanging. If you put this together with this new piece on, then wrapped, put the modified hanger on, stretching your penis and putting the glans through the hole in the extra piece, then tightened the hanger....you still have to pull the hanger forward to seat it behind the glans on the "shoulders" of the glans. When you pull the hanger forward to seat it on this area of the penis, the hanger will pull the skin forward some, and the glans will have to move backward out of this hole in this extra piece as the hanger and skin move forward to seat the hanger into its anchor place on the penis. Therefor redering the new piece useless anyway. The new piece would move forward along with the hanger as it is attached to the hanger. There's just no way to get this to work.
The modified home made BIB (per BIB's illustrations in this forum in my sticky thread up top...not your version) was designed to take pressure off the glans and redirect more of it to the sides of the glans and shaft of the penis, very usefull for the heavier weights.