Another way to do the attachment is to use the weight of the stack itself to anchor it to the penis. In other words, anything placed between the bottom weight and the next higher weight will tend to be held there by the combined weight of the upper stack. Using this method, the weight stack could extend beyond the head of the penis, which would allow for using more weights in the stack.
I’ve posted a picture showing this method in the Member Pics section. While it shows use of the swimcap condom attachment method, I think it could be adapted to your ace bandage method.
Of course with the additional weights it wouldn’t be inconspicuous anymore.