First, are you talking about a single or double 1.7? Traveler or Blackbird? They all vary in size quite a bit, so it's hard to say what size each should pack.
Either way, it shouldn't hurt a hammock at all to use a compression bag. You just shouldn't use them on quilts for extended periods.
If you're still using the webbing suspension with the hammock, swapping it out for a mostly-cording option
will save you quite a bit of bulk.