Another way to save money on this set-up is to use your ring-to-ring FS and remove the small ring. Replace the ring with a carabiner and a micro-pulley.
I don't have a fixed side pulley, which might make things even more frictionless. Like mugs says, it is as easy or easier to install as a ring/ring FS, and is very simple to re-crotch up in the tree. Like Muggs I will use a throw line to avoid getting the FS getting stuck in tight crotched trees like Ash and Linden.
I have a rated sling in the middle, it is quite a bit more resistant to the wear, from bark, than a 1" web sling.