Amsteel is fairly slippery, I don't know if that setup will work. If you used mule tape instead you may have better luck, as mule tape holds knots better (lots more friction).
Right now I do a somewhat similar setup though, and its worked for me. I have a whipped hammock, that I've connected 12ft of amsteel to with an anchor hitch(at each end). That amsteel gets tied to my tree hugger with either a slipped larks head, or a variant of the Siberian /evenk hitch. I've not had problems with that slipping/etc, nor do I have any wear that I can tell with it so far.
Admittedly, I've not used the above setup with amsteel too long, bur used the same setup with 1050lb spectra cord for over a year, and not had a problem with that either.
In that setup, I've noticed that the friction from the loop in the end of the 1in tree hugger is essential in this setup. The webbing bunches up, and appears larger than the amsteel (meaning, the bend radius is larger I think). This should mean its easier on the cord than tying around itself.
Its worth saying though, that knots DO wear the rope, and/or lower the "weight rating", when compared to a whoopie or ucr. The larkshead test the best out of the tested knots in amsteel, and it only held 57% of the rating of a single line of amsteel. Depending on your personal level of comfort /"safety ratio" that might mean you're ok with knots, or you might decide to use a ucr/whoopie.
Anyway. If I were you, I'd try some mule tape. Either 5/8in or 1/2in should be lighter than a whoopie of the same length, and can be tied with the slippery becket hitch just how you want.
Good luck
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