I like this a lot. I've got a few ideas rolling in my head about how to handle the seal better. If I can knock out a successful prototype, I'll share.
One thing I did want to share that makes me really want to do this. If you put some grosgrain loops on each channel edge, when you flip the bugnets, you can use mitten hooks to connect them under you and thus create a big no-seeum pocket under your hammock. If done right, you could use this for storage and/or a little extra insulation boost in the winter etc making the bugnet less useless for the colder months. Just a thought.