OK, so went out this morning and strung up the hammock. Everything worked just fine. I did lose about 6" in length of the hammock bed, but once I was in there I found that the length is pretty good for me. The sides of the hammock aren't tight at all and I can actually see out both sides!
I don't think I would trust the sheet bend with this type of cord without a stopper knot though. Using the fishermans knot as a stopper gives me a secure feeling though. I examined all the knots after swinging awhile and did not notice any movement whatsoever. Naturally, whenever you tie up your hammock a quick inspection of all knots and cords should be done prior to getting in! I've been on the ground enough times already...
I am quite happy with the results, thanks for all the input.