I think it depends on what you really want out of your hammock and how important weight is to you. I'm 5'10" and a 12' x 60" is comfortable for me if I don't use a zip-on net or overcover. But as soon as a net/cover goes on, the tension on the sidewall gives me pressure on the outside of my foot and drastically reduces the comfort of the hammock. But I"m willing to trade that for a few ounces of savings - since I rarely use my overcover except in winter when carrying weight is less of an issue (either short distances to camp or a pulk) and only use my net a few times a year.
But if I were mostly car camping or backpacking mostly on flat ground and shorter trips, I'd go 72" in a heartbeat - for someone your height I'm convinced it would be more comfortable.
I have the knotty mod on my Dutch 11' - but that's mainly because my 11 year-old uses sometimes it and she's only 5' tall so it helps keep flappy fabric out of her face. But I agree w/ SilvrSurfr - I've never had any trouble with stuff falling out of my hammock without one (my Dream Hammock w/o covers) and neither have my friends who have tried borrowing my Dutch. Unless you know you need it, I think you could safely skip it.
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