The very thought of what you suggest sends shivers up my spine. No, don't do that.
The frenulum will lengthen through stretching exercises, but it's difficult to grasp, as you've found.
Pulling back as you've described may have some effect, so nothing is lost by trying. However, I think you should be able to do this one:
Doing it this way will allow you to have more leverage.
Do you believe your foreskin would retract fully if the frenulum didn't restrict it, or is there also a possibility that the opening is also too small? I suspect that you may need to work on the opening as well as the frenulum.