Ice the penis!! Because we want as less blood in the penis as possible. Then Do ur preferred advanced stretches, mine is the Mandingo stretch, another one where I take my penis and try to stretch it pass my belly button. (Works as a great measure for length gains too)
No, blood in the penis will not affect tunica albuginea elasticity in a negative way. In fact, the more blood you have in your penis, the THINNER the tunica will be, making it more succeptable to stretching. We DO NOT WANT OUR TISSUES TO BE COLD when stretching. Heat reduces tensile strength and increases elasticity,
this is what we want. Do not "ice the penis" prior to stretching.
When we are done stretching, it would be optimum to let the tissues cool to room temperature while keeping the stretch constant.
Also, LOT theory has been largely debunked and there is only a MAXIMUM of around 0.5" to be gained from the ligs in a best case scenario. This is due to load-relaxation of the ligaments and not due to plastic deformation or moving of the attachment point. It would be near-impossible and very dangerous to attempt to plastically deform the ligaments. The stress-strain curve of ligaments (and collagen in general) leaves a very small space between plastic deformation and absolute failure. Trying to find the middle ground of these two points would be suicidal and would take an insane amount of force to achieve.
Update: Honestly I'm still debating whether or not plastic deformation of ligs/tunica is possible. Creep plays a big role in this whole thing. If you hang a weight from some material, even if the weight is below the material's tensile strength, given enough time the material WILL deform. Plastic deformation and failure of ligaments happens all the time in the real world. The main question is can we accurately strike a balance between plastic deformation and failure? We have no scientific measuring tools, just our hands (for most) or devices (which don't give us any information on how close we are to the elastic limit).