Tarp = Tent Rain Fly
Hammock = Tent
Top Quilt = Sleeping bag
Under Quilt = Pad
You may not save any weight over some of the light weight tents out there but what you can gain is a more comfortable nights sleep. As I learned in the Marines, with a good nights sleep, you can put up with anything.
Make sure you foot end is several inches higher than your head end.
As other have said, go to group hang and have some other folks check out your set up. While you might have a great hammock, it might not be the right one for you. I own a bunch of different hammocks but I find my BB is the most comfortable one for me.