I recognize that spot too. PIRO is a great backpacking destination and the views are awesome.
Regarding the 15 foot rule, check out the updated 2016 Backcountry Use Application from the Park Service:
Under equipment: "Notes: Maximum of 2 tents per site (excluding group sites). 1 Hammock = 1 tent. Tents & hammocks must be kept within 15 feet of campsite post. Most sites will not accommodate hammocks. ". Doesn't say anything about 1 or both ends of the hammock being in the 15 feet, so it could be open to interpretation if there's an issue.
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