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Yeah I think you should try without the foam because the foam wont grip onto your penis as well, causing you to tighten it more to stop it from slipping, especially with it being 1 inch thick. Maybe you could cut it in half so its 1/2 inch thick on each side to see if that works better.
I think also you should try wrapping too. Ive used a hanger like that one and because it wasnt very thick it left marks more easily on the skin, as all the pressure was on a small area. Even if you just wrap a little it should stop that happening. There’s lots of threads about wrapping which you can search for if you want to try it.
Try that and see what happens, and also check if there is any numbness or if the head feels cold when you hang.
I hope this helps you
SS4