TNT, I’m really sorry to hear about your experience in removing discoloration. Very painful sounding indeed. I’d consider a very light constant stretch on your member via a device or weight, and wrapping your shaft in gauze with neosporin and other various aids. This should help reduce the wounds cracking open and provide better coverage of gauze and bandages to help drain the sores.
In my personal experience, I’ve used Vitamin E oil on some scars and especially on stretch marks around my belly and sides. I gained quite a bit of weight in the past rapidly and thus stretchmarks. Quite embarrassing in the least. Daily application and rubbing in of vitamin e after completely drying after my morning showers (that is, my skin returns to a nominal non-water-logged state) over a period of a few months (1-3?) greatly reduced and faded the majority of the marks, except for one where I also had a boil during this time. Discoloration didn’t develop overnight (most likely?), so removing discoloration will most likely also take time, just as PE does. Just a note here, I did the vitamin e oil rubbing before dressing, and then wearing an undershirt, tucking into my pants; and I was 16/17 at the time (Now 23).