I think if you're going for compactness and lightweight, a shorter hammock is definitely worth a shot.
I am one of those crazies who made whoopie slings out of 1.75mm dyneema. It can be done, but I also can't in good conscience recommend others follow my lead. It is for my EDC hammock, and weight is the priority. Which is why it is really small, 4x8. And it's made out of Argon 67. I also use the (now obsolete ) 3.3 kevlar tree straps and MYOG Cuben Fiber stuff sack. This gets me a day use hammock with suspension and bag for 4.4oz. Packs down to baseball size if I compress it. if you use 2.2 kevlar for 6' straps, you could shave almost an ounce off that.
All that to say, you can go nearly as light as you like. I have done it mostly for the challenge and to see if it's possible. Also, it's pretty hard to turn down a comfy backcountry seat, and usually napping bed, for a scant 4.4oz. So, even though I fully expect to be dropped on my butt any time now (I have been using it 3-5/week for the last couple months for naps, and on 3 occassions overnight in my basement) I call it a success.
Having used an ENO Sub7 for a bit, I recommend it as an off the shelf option. If you pair that with a pair of dynaglide whoopie slings and Kevlar 2.2 tree straps, you will have a very light, compact hammock that most people would consider to be reliable. I also found, after some tweeking, I could sleep comfortably overnight in the Sub7. Might be worth a shot; shave a couple sticks of butter off the weight of your kit...
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