I use 1" wide webbing. I believe that is enough to spread the pressure out on the tree and look good enough for Rangers and other passer-by to see that I'm making an effort to protect the forest.
I shaved off weight by using only 5' of webbing on each end of the hammock and 6' whoopie slings for the adjustable part of the suspension. I also carry a 4' piece of Amsteel with loops on each end in case I need the extra length.
"Life is a Project!"