Red - I slept many years ago in an old fishnet type hammock made out of plastic. I was using it when I was young and broke. Eventually I had to have the "cool" equipment so moved into a tent as well. Now that I'm older (I'll be 62 in April) I decided it was time to lighten my pack so I've gone back to a hammock and tarp set up. The hammock I use is from a company called BIAS (it stands for Butt In A Sling). Like most hammock manufacturers they are a small cottage industry. My hammock, the Micro-Weenie, weighs in about 12 oz. total with the hammock and all the suspension lines. I don't mind tying knots so I've eliminated minor amounts of weight by not using a variety of clips, etc. to tie up my hammock. My tarp is fairly large (10'x12') and has ends that allow me to either close it off to the weather or keep it open for air flow. The tarp was made by a company called Warbonnet and the model is the "Super Fly" if I remember correctly. The tarp's weight is one pound so between the hammock and tarp I come in under 2 pounds total weight. When the bugs are flying, or apt to be, I bring a homemade bug net made from curtain sheers. You can also pick up old military surplus bug nets and drape that over your suspension line as well. I prefer the DYI bug net because it weighs less and hugs the hammock more. Here is a link to the video where I found out about it:
https://www.youtube.com/watch?v=gQRoEpK-7SY
As for pricing; if my memory serves me correctly the hammock and suspension was about $50.00. The tarp was a Christmas gift so I'm not sure what that cost but you can check it on the Warbonnet website. As for the DYI bug net, that was a total of $15.00 dollars and time. On the whole, it was a pretty inexpensive move back into hammocking.
Besides the option I just laid out you can also check out all the hammock DYI websites for making your own hammock out of a bed sheet and other relatively inexpensive alternatives. As for tarps, there many more out there that cost less but also tend to have less total coverage so you'll have to decide what's best for you.
Regarding bug protection; I knew for myself that I didn't want a hammock where I had to zip in to be out of the bugs. While it hasn't happened often, I have had zippers fail when on a trip so if that's my only bug protection and it goes down, I'm down with it. The DYI bug net is pretty easy to make and if you don't sew, there's always the military bug net option as well. The military option is a bit bulkier in your pack but it still works and there's no zipper to fail.
Since you mentioned insulation, I decided in the beginning to use a pad instead of an underquilt. First off, I still do a lot of backpacking so I was looking to cut costs where I could. Besides, there's always that one canoe campsite where the trees are small or too far apart so you still may have to go to the ground some night. When that occurs, an underquilt is useless but a pad still works. I use a Therma-Rest with very little inflation; a couple of puffs at the most. While it was a bit of a learning curve at first, after about a week I got the hang of it and can now sleep comfortably throughout the night. I've been in some pretty intense thunder & lightening storms in my set-up and have remained snug as the proverbial bug in a rug. During the colder weather I've been comfortable down to the low teens with my down sleeping bag and pad under me. All I did was add a fleece cap and some lightweight wool underwear. I did wake up one morning wondering what happened to my tarp and realized it was hanging low due to the snow we'd gotten that night. I was still warm and had a great night's sleep so it all worked out in the end.
One last thing, the other nicety I've discovered while hammock camping is I can suspend my watch, headlamp and glasses immediately overhead on my suspension line each night. This puts these important items in a handy location where I know I'll always be able to find them if needed. I know it may not sound like much of a big deal but this little option has served me well every night I've been out.
I guess that's all for now. Best of luck in finding what best suits your needs. I know that while I still will get into a tent from time to time, the transition back to a hammock has been a great adventure and led to many nights of blissful sleep. I hope that you too will find this for yourself.
Until next time...Be well.
snapper
PS - One "pro" I didn't mention...you never wake up in a puddle when sleeping above the ground!