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Leaves piled under the hammock wouldn't work well. Any breeze at all and they're gone. Since the hammock moves around, unless you get in very gingerly and hold still all night, the leaves won't stay in a nice pile. Even when you have a big pile of leaves, the warmth would be minimal at best.
Using what amounts to a shell of an underquilt and packing with leaves is an alright idea, but if the leaves are wet, full of bugs, or not a lot of leaves around, you're kinda screwed.
An underquilt works. A good down quilt isn't heavy, packs small, and is worth its weight in gold on cold nights.
If you're serious about using leaves, you'll need something that has baffles to keep the leaves in place, like another anon said.
If you're on a budget, just get a cheap ccf pad. It has multiple uses too, like a sit pad.
The leaves are a novel idea, but pretty flawed in practice. If it works for you then more power to you.