Okay, maybe one of you can tell me whether I have completely flipped my lid. As I said above I'm not interested in spending money on new gear. So what I have done today is taken a men's regular 15 degree sleeping bag that was in tatters and cut the bottom six inches off of it. Then I sewed a seam leaving it open at the bottom.
Normally, when I sleep on the ground I use this old bag as a cover around a short 45 degree bag. This system has kept me toasty warm through the winter for years. Rather than go with a quilt, I'm thinking just taking this old bag and putting it around me and my cheap hammock, and if the mood strikes put in my pad and pop into my 45 degree bag inside the hammock. My hammock is so cheap and light getting on the diagonal is out of the question, but it is still comfortable for me, much better than frozen ground.
Is this going to be a problem? I really don't like carrying more than 20 pounds and this set-up keeps the gear to a minimum. I tried it out in the park and it seems to work.