Welcome to Betterman Bena,
I know it goes against every male instinct but read the instructions that came with the PM. Like Uberschwanz said, the tension is not the same as hanging weights. It is best to start off slow with light tension and gradually increase the tension on the PM over time as your penis adjusts to being under constant tension.
I personally ALWAYS have 2 indicator lines showing when wearing the PM. As I stretch (or PM pushes into fat pad) I adjust the screws until 2 lines are showing. When I reach the end of the screws and more than 2 lines are showing, I turn the screws back down and add the 0.75" rods to the end and continue the session (I'm pretty stretchy and it takes a while to work down through my fat pad

).
Regarding the cold glans... this happens to most people but you can minimize the discomfort and maximize the time between breaks by changing the wrapping technique. Try wrapping with a thicker material than the supplied cloth. A piece of sweatshirt, washcloth, ace bandage... will make it more comfortable and provide more grip with less tension. Read other posts in this forum for some good wrapping tips.
Good luck and good gains!