Some general comments:
Single point loads of 200lbs on a single stud (1/2 the rated full load, since you will use 2 anchors) is significant. Such a mounting would be dependant on securing the lag bolt near the center of the stud. That can be hard to do, even with a stud detector.
Wall connections: Exterior walls are much stronger than interior (partition) walls. Connections across a corner or across a room will be stronger than a single wall.
Ceiling connections: Connecting perpendicularly to the joists will be stronger than parallel to them (spanning several is discussed below).
Ceiling mounting may be complicated by double mounting to a single joist.
Some specific comments:
My suggestion is to have each attachment point span 2 studs or 2 joists. This would be simplest by connecting a cross member (such as 2x4 lumber). Make each support piece longer than the stud/joist spacing by 25% (so the screw holes have strength) Predrill and use 4 mounting (2 Each end) lag screws, make sure they are centered on each stud/joist and embedded sufficiently.
Then connect the hammock kit as directed.