Great post Stephen!
Yes, you can get creative folding the spandex sleeves to create a cock ring effect. I also like to form a 1/2″ thick band at the base with 2 or 3 layers at the base of the shaft or sometime behind the glans with wider folds of an inch or more to sculpt a torpedo shapes shaft. This technique can also substitute for the Retainer Band or build a larger diameter for a tighter fitting Retainer Band if preferred.
You can also fold the sleeves in such a way as to make a foreskin to effectively reduce keratinization (basically a callousing process) of the glans that occurs with exposure to friction. This can help regain sensitivity for cut guys or reduce sensitivity for uncut guys if the exposed glans is too much when wearing Stealth the first few times.