You can totally do that. Knots are cheap...but do add some "bulk" when wrapping up the webbing to pack it away.
If using knots, I would put a loop in only one end...and leave the other end flat. This allows for a toggle & marlin spike hitch, or a Beckett hitch, or J-hitch to the hammock suspension.
When sewing the loop, I fold back 6" on each end, keep the stitching pattern in 3" (for 1" webbing), and have a 3" loop. That would be hard to match with a knot. I can easily reach though the 3" loop with gloves and pull the webbing through itself.
+1. The "water knot" (essentially an overhand loop, but on webbing) is the best choice. A bowline will work, but is a bit fiddly to dress on webbing, and is no easier to untie in webbing.
The rule of thumb I heard (and use) is the stitching should be three times as long as the width of the webbing. So, for 1" webbing, the stitching area should be 3" long. 2" overlap is probably still overkill....so whatever you can manage will be fine.
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