The key is keep the intensity at the minimum level to be effective. What level is that? Only you can decide. If your PIs are staying positive you're probably not over doing it. As remek said, watch the advanced exercises. Too early and it's a great way to get injured.
As for the hand position for jelqing, I have always jelqed the way you suggested. My little finger is away from the body and the thumb is closest. I agree with you, I find it more comfortable AND with your fingers to the outside, you can start much further up the shaft. Might be why some guys get the baseball bat effect. The standard jelq hand position looks like you are pushing out. This reverse position looks more like pulling.
Just my 2 cents!
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May 2006: 5.75" X 4.5" - Now: 7.25" X 4.875"
Let me tell you the secret that has led me to my goal: my strength lies solely in my tenacity. Louis Pastueur |