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Here is a pic of my 3 layer with suspension made exactly to plans. 16 oz. total.
http://img.tapatalk.com/0c1398dc-dada-d246.jpg

Yes, but I sewed on the pleat/ dart lines first, then you can cut the excess or just leave it

No, the shock cord for suspension of the quilt only goes through the long sides, there will be separate lengths of shock cord in the end to "cinch" the quilt up on the gathered ends of the hammock....