There is no need for a bottom section to a hammock top quilt. It would just complicate getting in and out. Also, the under section would serve zero purpose.
From experience, I'd say 48 inches wide, like the JRB quilts is a good width for average sized people. I haven't had any problem with the quilt becoming untucked while asleep, as the cocooning of the hammocks traps them against your body.
Someone mentioned flaps of fabric at the sides of the quilt. Ray Jardine uses this idea, as it allows you to have a smaller section of the quilt insulated (and therefore lighter) but still wide enough to tuck in to avoid drafts.
If the quilt were attached to the underblanket, forming a peapod, there would be an air gap that would have to be filled with something. Ed Speer uses a top quilt in his hammock to fill this airgap, but that sort of negates the use of the top quilt idea.
I've also had a play with a couple of quilts which I made longer than normal, after reading of people pulling the quilt over their head, with just their nose poking out to breathe. I found that this helps keep the head nice and warm, without the greasy feeling of sleeping in a beanie or balaclava.
My last suggestion (yes, I'm drawing to a close
) would be to put a head hole in the centre, a la JRB so that the quilt could be used as a insulated poncho. Now if the outer fabric could be make spark resistant, so that it could be worn round the fire, that would be perfect