I'm guessing this is some kind of end-channel style hammock, correct? If so you're on the right track. I got an inexpensive parachute hammock for about $15, installed some whoopies from a PIF, and made some toggles and straps with goodies I had in the gear pile. Total investment maybe $25 but my kids love it for lounging in the back yard. It's small enough to toss in the daypack for a quick break too.
Just do a search on here for "whoopie sling" and you'll get hundreds of hits. You can buy them from several vendors or make your own. Watch several of Shug's videos and you'll be on your way.