A picture is worth more than words - I hope my pictures make what I did clear --
In reviewing with Kaliram, my brother, his space blanket, big agnes, and close cell foam pad configuration posted elsewhere on this site (search Kaliram's posting), we came up with a design, lighter for backpackers, less bulky, and very adaptable - one can use closed cell foam wings with both, either, or with out the anges pad, closed cell pad, or space blanket.
The 1" elastic between the wings allows for easy insertion of pad or pads and doubles as a packing strap. I put lots of grommets on the space blanket to lace it up over the bag (allowing some opening for condensation to escape and to regulate how much of a cocoon I needed to be warm. NOTE the wing at the bottom of the pad to help create a warm foot box.
All in all, this was easy to create and inexpensive, except for the Agnes pad. Most of the supplies are from the hardware store or Walmart.
And...this could be used without the hammock on the snow or ground if there are no trees about and you only have a hammock with you.
And if you want to hang in NW Montana, please give me a jingle.