Raspy, I can only speak from experience. And, after having been in a hammock for a decade, I can tell you, hanging a hammock low to the ground, doesn't really work to stop convection heat loss.

I know where you are coming from, you can pitch the tarp lower, to the ground if need be and prevent the wind from blowing you. But, while the wind may be blocked, you are still "radiating" body heat away from you, And a hammock is simply not designed with any type of insulation. In warmer climates, sure you can sleep without a pad... I've done that! In colder climates, Not a chance.

Are they feasable for bugout gear? Depends on how big a kit you're willing to travel with. For bugging out, I rather not use a hammock. I prefer to use the space taken up by the hammock for other things.

Will I go camping without one? absolutely not. I prefer not go if I have to sleep on the ground.

Raspy, your mileage may vary, but the majority of folks will need a pad. Even here in Sunny Southern California, in the middle of summer, I need a pad for night time use. Of course, I'm sleeping outside.

for even colder weather, you might consider a peapod. basically, a sleeping bag that goes on the outside of you hammock, but since it is not compressed it doesn't lose its insulative properties

my recommendation, go check out the various hammock forums

halcon