I've seen this quilt converted on the hammock forums before (however the hoodless version). When Jeremy put a new one up for grabs in the market square I couldnt resist.
The bag arrived yesterday and its perfect to mod. The footbox, top/sides and hood are down. The back panel is simply a single layer of quantum fabric with a second layer sewn for securing a sleep pad. This bag will be a dream come true as I love the quilt concept, but I also love a hood. Ill have the best of both worlds. Ive already removed the pad sleeve which simply leaves the quantum back. I plan on cutting out a large section and simply sewing a grossgrain edge to finish. This will make more sense with pics which ill add by the end of the day

But to enter the bag/quilt (its really going to be a hybrid of the two) you enter via the large cut out via the back. This will be easily done in my hammock but will also mean it will stay on me more snug and secure than a quilt. Happy

Top view

You can see the rectangular panel ill remove most of

Another feature that's nice for a hammock is the loops. You could tie it off the hammock end to keep in place.