Wow! Thanks for the warm welcome everyone.
To answer your question Veto, yes I do have a bit of free time. I generally try to do whatever reading I have for school while hanging. It's a heck of a lot easier to focus. I'm also looking for ways to hang a hammock in a dorm room... most of my ideas at the moment revolve around mixtures of aluminum ventilation tape and duct tape.
My thoughts for the knotless setup generally involve replacing knots with some strong stitching whenever possible, but the biggest challenge is the tarp. I've got Dutch's TarpFlyz, but I still have to knot off my stakes.
I'm sewing up my DIY UQ as I type this. Working on getting the measurements set up and I'm combining a couple of ideas I got from around the forums. Shouldn't have any knots aside from the ones tying the paracord loop to my carabiners. I'll replace the actual suspension for the UQ with better material once I can get to a Hobby Lobby.