While ETH and BTC are better than nothing I think ILP would benefit from Plugins for the EOS network.
The more the merrier! Would you be interested in working on one?
Well I have been looking for an excuse to get into EOS so yes.
would a payment channel contract be all thats needed?
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Excellent!
A payment channel contract is the main piece you need on the EOS blockchain side. I’d recommend looking at https://github.com/interledgerjs/ilp-plugin-ethereum for an example of what the wrapper entails and talking to the Kava team about the design.
Awesome sauce I guess its time to brush up on C++. Are there going to be documented requirements for ILP plugins/contracts in the future?
Are there going to be documented requirements for ILP plugins/contracts in the future?
If community members help create them, absolutely! 
Actually, a topic that needs more discussion is whether the current approach to plugins is the right one. I’ll start a thread on that topic
Update: Here’s the thread: Plugin Architecture and Ledger Integrations.
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A payment channel contract is the main piece you need on the EOS blockchain side.
Payment channels are really hard to work with, and aren’t strictly necessary. I think an integration that uses simple transfers to fund a balance with peers would be much simpler and would be equally useful between counterparties who have a little trust in each other.
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This is a bigger discussion we need to have about the recommended way to settle transactions. I started a dedicated thread here.