There's a guy on here, Bwess, posted some pics of his rig he put together for under 50.00. That includes a hammock + suspension, attatched bugnet and tarp. Really everything but insulation.
For insulation, i'll +1 the nod to reflectix. They keep it in the housing insulation portion of the Home Depot I found it at (and I had to check a few stores) but mine is 20"x25' and cost 15.00. That's enough for 4 6' pads. has an R-value of 3.7 so should handle anything SC has to through at it temp wise and light and plyable enough you could stuff it down your sleeping bag to keep it under you
Friend of mine used this type of setup down to 21* and said he was toasty warm all night, which I can vouch for as I stayed up all night freezing (it was my pad he was using, but my inflatable was failing to do it's job, almost woke him up and stole it back ) listening to him snore.
Hanging can be VERY cheap if you steal enough ideas