Is there some reason your entire post is in bold Ruz? Is that meant to indicate it was Bib who said that? Your advice is fine, although I get the feeling splking1 isn’t brand new to hanging.
As far as the best strategy, it seems to me there are a lot of ways to go.
Personally, I would not increase the load, but I would increase the number of sets. One twenty minute set is fairly minimal. If you can handle one set of this weight without fatigue that’s good in my opinion. I’m a big believer in longer time with less force.
bubba77’s suggestion, informed by Bib, is fine. Hanging until fatigue sets in and then dropping down the weight. It’s a bit more intense, and in my opinion, it may not be any more effective.
The real question is: are you gaining? If you are then don’t change anything. If not, then consider your options.
I’m assuming you’re using some sort of ADS, splking1 (golf weights, Monty’s weights, or the Vacu-Hanger head with the stretch cord and leg strap)? I’m also hoping you are making proper use of heat (warming-up prior and between sets), etc.
Maybe tell us what your whole routine is?
Before: I'd like to show you something I'm very proud of, but you'll have to move real close.
After: I\'d like to show you something I\'m very proud of, but you guys in the front row will have to stand back.
God gave men both a penis and a brain, but unfortunately not enough blood supply to run both at the same time. - Robin Williams (: