If you want to DIY you can have everything you want under 3lbs and under $300 easily, asuming you already have access to a decent sewing machine and lots of free time. However if you're wanting to purchase your items you're going to have a hard time staying in your budget and weight range.
Tarp - Warbonnet Edge (Olive Brown) $85 10oz (no lines)
Hammock - BIAS Weight Weenie Micro $50 6 oz
Bug Net - BIAS Buginator $65 9oz
UQ - Jarbridge $100 20oz
Total = $300 45oz (2lb 9oz)
You can DIY a suspension for less than $10 spent and only add about 5oz and figure another 4 or 5 oz for tarp riggings depending upon stakes.