Am I correct that Rav Schachter's method is the other interpretation of the Rambam except Rav Schachter uses 2 full blue shamashim (since he says to tie 7 windings per chulya)
Not exactly. R. Schachter is not INTERPRETING the Rambam, he is INTEGRATING the Rambam with the Raavad. R. Schachter says to use two full blue, is a completely different issue separate from the tying method. R. Schachter holds that the number of strings should be according to Rashi, Tosafot.
– Mois Navon