Waddup Mani!
Limit all sets to 20 minutes at most.
When you begin to feel this “pain” consider reducing your weight and continuing with more sets. What you will be doing is working in a fatigued state. The ideal routine has you achieve this state quickly at your maximum weight (8lbs in your case) and then “riding fatigue down”.
A simple reduction of 1lbs usually allows a guy to continue hanging. When this reduced weight causes more fatigue you should further reduce your weight - and so on, until you are at half of your maximum. Then call it a day.
Results come from working in a fatigued state. It is how we slowly, safely break down our limiting factors.
Jelq as needed, but go lightly. Combining girth work with hanging holds all sorts of negative potential IMO. Personally, I rest on days off. Keeps the motivation up.