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Frankly I would just take the jump. Anytime someone is trying to use an offer to get a counteroffer, I think it makes you look bad, like you're giving an ultimatum. If they offer a counter of their own volition, then you can consider it. But don't try to pressure them into it
Pro
I think it's worth hearing them out if they give a counter, but the vast majority of the time, you should leave.
You should be ready to leave if you come with an outside offer. I got another offer with all intentions of leaving and when I went to put in my two weeks I was presented with a bonus and a raise and decided to stay. However, I didn’t go about it to squeeze for more money, it just worked out for me better to stay.