After a lot of research on this forum, I realized the hammock camping isn't as heavy or expensive as I had originally thought. I finally got started on it last month. My goals were to make this weigh less than my current tenting rig, and to do it as inexpensively as possible. Here's what I made. (Click the pictures for a larger version)
Gathered end hammock following Knotty's directions, whoopie slings, adjustable ridgeline, ridgeline organizer, Papa Smurf style bug sock, 10x7 tarp, snake skins for the tarp, and a bishop bag with a pocket for the suspension:
Here's the tarp deployed as an asym diamond. It's two $9.88 5x7 PU coated nylon tarps from Walmart. I attached them together with a flat felled seam, seam sealed it, and had a 10x7 tarp finished in about a half an hour. The tarp, in snake skins, with a continuous 1.75mm zing it ridge line is 17.5 oz. Not ultralight by any means, but it was less than $25.
Finally, here is my 2 layer (with a nestable 3rd layer) 2/3 IX underquilt:
Everything above weighs 44.9 oz, and cost less than $120, so I think that I successfully achieved both of my goals. It's very cool to know that I made it all. I'll be using my sleeping bag as a top quilt, but I do have a bunch of down, ripstop, and noseeum, so when I work up the nerve to work with the down, I'll make a top quilt.
My first hang will be this weekend, and I'm very excited!
Thanks to everyone that inspired me or provided plans. Questions, comments, concerns?