It might be difficult to do on an existing hammock because the cord would need to exist at each end of the hammock, so you'd need to work that into the hammock. Knotty's Stretch-Side Hammock Mod might be easier to do on an existing hammock.
I'm currently working on a hammock to try and demonstrate my idea (though it will only have a footbox). My sewing skills aren't great so it's taking me a little longer than I would like. I'll post pictures when I finish.
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