if you live in socal just pick this badboy up.
Been using one for like 10 years, simple, folds up like a t-shirt, water resistant, zips up tight with bugnetting. A 30º sleeping bag should be more than enough without a pad/underquilt.
It's simple nylong, netting, and canvas
http://www.armynavypx.com/Rothco-Olive-Drab-Jungle-Hammock-2361-p/RTC-2361.htm