i'll go with the blanket.with a fire going,a big one,and the blanket as a lean too shelter you could stay warmer and dryer than just being out on the open with any heat from a fire reflecting off the bag.with the blanket you could move around to feed the blaze and sit or lay on some sort of heap of ground cover that would dry out from the fire.the trick to a reflector fire is to make the back logs really high and wide,like hip high at least and as wide as the lean too.