I hammock on the AT as well. I hang my food bag from the hammock itself (usually on the foot side outside of the hammock) and I simply place my pack below the hammock, pack cover on. Had a few scares of spiders on my pack in the AM (I am scared to death of spiders) but all-in-all it has worked well.

My food is packed in odor proof alo-saks inside the usual sil-nylon bag as a half-arsed attempt to deter bears or the more likely invaders of mice and squirrels, aka tree-rats. I've actually kept the food bag in my pack as well at times (not saying that is smart but I can be pretty lazy).

Never had an issue in 1000's of miles.