I think the ULBA is 1pound 15 ounces with the stock tarp. You listed it as such and still have another tarp.
You can lose some weight in the hammock by converting to a DIY Bridge hammock. Use hiking poles for spreaders.
Drop the webbing for suspension and convert to whoopie slings or UCR for the suspension. Equivalent strength rope is 1/3 the weight of the webbing and you don't need the rings or the biners - no hardware, hardware is heavy. Use a stick from the ground for the marlin spike in the tree huggers.
Get rid of the tarp - there are lots of lighter choices, even a DIY blackcat would be lighter.
The HHULBP includes a tarp, and that tarp can keep you dry if you know how to use it. So, ULBP 1 lb 15 oz vs tent 3 lb 4 oz.
Looks to me like you are already ahead weight wise with the hammock- am I missing something?
Now, how thin are you willing to go with a pad on the ground before you are miserable? If you ( like me) need a thick Thermarest pad for reasonable comfort, now choose a much thinner CCF pad if you don't need something more for winter. So most of the year, drop your weight a good bit more by leaving the thick pad at home, as you don't need it for cushioning. Or worse case, still use whatever pad you already have and that is a wash. But if it is a thick pad, you won't need it in summer if not on the ground.
You don't need rings and straps. Use the stock rope and huggers that are included in the above HHULBP weight. So, it looks to me like you are 1 lb 5 oz lighter with the hammock than the tent. And maybe an additional 6 oz or more lighter if you can use a thin ccf pad most of the year. For insulation only, no cushioning needed. Or dump the pad and use a 13 oz Super Shelter, or maybe a down wearable JRB quilt, and leave some camp jackets at home. But those will be additional $, so maybe just the thin pad.
And BTW, just use a torso pad and use your pack for leg insulation, or just yoiur bag during the summer/early fall/spring. ( depending on locale).
Can not match the tarp/bivy combo. It is going to cost you about a pound, or a bit less if you save weight with a lighter, thinner pad vs ground set up. But I think you would not only be so much more comfy, as I think you already know, but you would be potentially drier cause you are up off the ground, avoiding the surprise creek flowing through your bivy area and the likely punctures in bivy/tent floors that occur with time.
Will you have a ground cloth, to protect that bivy or tent floor from punctures? If so, subtract a few more oz from the weight dif.
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I appreciate all of the responses. I guess it comes down to the philosophical question- weight vs. comfort. I cannot imagine being as comfortable on the ground as in a hammock. Comfort "costs" some weight. I suspect that most of us pare down the weight until we decide there are some things are are simply worth carrying. The 12 year old single malt scotch seems weightless; the 2.7 lb bear canister never gets lighter.
Even if the weights were the same, the advantages of hangin' would be worth it.
I'm with Bearpaw...I never moved away from hammocks, but I tried hard to get my base weight down below 10 lbs, just to see if I could. My summer base weight, even with a few luxuries, is still below 10 lbs when I want it to be...but it rarely is b/c I like things like biners on tree huggers, a decent-sized tarp and my JetBoil.
For me, the difference between 15 lbs and 25 lbs on my back is barely noticeable. So why fret about it?
If you want to cut the weight, though, I'd give roughly the same advice everyone else has so I won't repeat it.
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