Gotcha. I misunderstood about the vb socks. I thought they were going over the wool socks not under. Same point applies though, just that the feet would ultimately get pretty sweaty, just that the wool socks wouldnt get wet.
The eternal problem as you say with any breathable fabric is it being compromised by very wet conditions or very high humidity effectively "blocking" the pores on the outside and rendering the vapour transfer useless. I have a Paramo Adventure smock which I love and use for hiking - yesterday on a 6 hour hike with 4000 feet of ascent, it worked perfectly. Conditions were dry and cool with some wind. I wore a thin wool base layer under it and was getting pretty hot and sweating, but the "pump" liner got the moisture from the wicking layer through the parameta material easily, keeping me totally dry but still warm. Constrast that with last year on a similar hike in the rain when the inside was soaking wet. I had my iphone in the chest pocket and when I got to the top to take a pic with it, it was dripping wet. The rain had blocked the vapour transfer and the moisture was running down the inside and onto the top of my trousers and I was REALLY hot.
I actually think on balance that a UQ with a standard ripstop top layer (closest to the hammock) and something like a parameta fabric under layer would work pretty well (certainly for the UK weather). The problem here is wind blown rain potentially wetting your UQ which means that in poor weather you have to pitch your tarp really low to prevent that, which means its less comfortable getting in and out of the hammock and you cant really hang out in it because there's no room to sit on it and relax due to the close proximity of the tarp.