Inexperience speaking here.
I like the simplicity of this arrangement and wonder whether it could be made even simpler with a Speer type hammock. The picture in my mind consists of:
1. Accordianate the end of the hammock as you would before tying Ed Speer's overhand knot, and clamping it temporarily with one or more large binder clips.
2. Pass the accordianated hammock end through the ring and back on itself.
3. Whip the overlap as tightly as you can for two or three inches.
Would the hammock likely slip out of the whipping? If it tended to, is there a way of making it more secure?