I do essentially the same thing by making a cat cut on each end.
It might better be described a a reverse cat cut, because each
end of the hammock fabric is rounded (convex) rather than
concave like tarps with cat cuts..
This makes for a very comfortable hammock. The only drawback
is once you cut you are committed. Adjustments can be made
but usually at the expense of shortening the hammock some.
i have wondered if that (reverse cat cut) might allow a flatter lay because of allowing the feet to hang lower???