Save up your pennies and get a Kifaru Slick Bag. They come rated at +40F, +20F, 0F, and -20F and they make a wide model. The bag scrunches down to about the size of a volleyball and the -20F bag weighs under 4lbs. while the 40F bag is under 2lbs.

It's not cheap but I've found it to be pretty bulletproof and should last long enough to justify the cost. You can wear lug sole boots while sleeping in it and not hurt the bag at all.

I use my Kifaru for both hammock and tent camping and so far so good. Highly recommend this bag to anyone.

Hammock.
I have a ENO single nest. I really like it but as a side sleeper by nature and living in the desert, it doesn't get used much. But I like it.

Sleeping bag.
If you are wide in the middle obviously stay away from mummy bags. My favorite bag lately has been a Big Agnes and I also have a big agnes insulated inflatable pad to fit in it.

If you want to be really versatile, I did this...I bought the Thermarest Tech Blanket, extra large size. It is essentially a SUPER poncho liner. It is by far the warmest blanket I own. The Tech Blanket has snaps so it can be folded, snapped and you have (IMO) a 35-40* bag. The bottom has a draw cord to cinch up for a foot box. There is an additional buy for a Thermarest fitted sheet that you put over an inflatable sleeping pad then it also has snaps that mate to the Tech Blanket. So you have a modular sleep system. So I use my Big agnes insulate pad for that too. If you had a silk sleeping bag liner, this would be hard to beat for anything but wet conditions.