I use a variation on 'option 1'. My hammock has velcro sewn along both sides and the foot section so I sewed velcro to the edges of my PLUQ to match - then wrapped the ends up around the hammock. It forms a non-shifting, no-gap fit.
I tried the shock cord method but I couldn't get a snug fit to the hammock without distorting the shape and effecting the lay.
"...With saddle and pack, by paddle and track, let's go to the land of beyond."