No, the name of this grip didn't come about because it's just okay. In fact, it's pretty good. Take your thumb and index finger and make a circle, just like you would if you were flashing the "okay" sign. Use just this ring to slide up and down the shaft of the penis.

This is one of my personal favorites when I'm using lube and want to go fast. It's not quite so overwhelming as using an entire hand. In particular, I like to reverse the grip (so that the back of my hand is facing me) so that I can get really far down at the base of the shaft. The traditional grip tends to neglect this area because the thumb only hits the top half of the penis and the testicles get in the way of letting your hand drop all the way to the base of the shaft. And that's a shame, because there are plenty of nerve endings down there crying out for a little TLC. Doing the reverse OK grip with moderate squeezing pressure at the base of the penis is almost like having an entirely different kind of sex.