I doubt that it would be useful. First you would have to use considerable pressure to get the tightness you require. which would probably mean tightening it with a pair of pliers . And if something slipped you would have a badly gashed dick.
Second it is probably too narrow in width and would tear the skin as you tightened it. Using a cloth underneath would reduce the power applied to your skin so would greatly reduce the actual power applied to your dick.
Also a cloth would get in the way of trying to tighten the whole thing
Although they can be opened on something very hard, you might find it rather more difficult as it is embedded into your dick.
I, personally, wouldn’t try it