You could easily get a complete hammock setup for less than you've quoted if you're willing to do little bit of DIY and if you're camping in warm weather. I use a Grand Trunk Ultralight, $20, but you could spend half that if you sew up a cheap polyester table cover. The strapping for homemade tree straps was $7, and the rope (Amsteel Blue 7/64") was $5.25 for 25 feet. I cut toggles from an old aluminum arrow I got for free, but you can use found sticks instead (the arrow shaft just slides out more easily).

One of the two gotchas I mentioned above is cold weather camping. If you'll be doing this, you'll have to have insulation underneath you, either a pad or an underquilt. A foam pad is cheap, but hard to keep in place, and depending on the weather, may need to be pretty thick. I've done this down to low 30s with the famous Walmart blue pad, but I was not toasty. I basically had to choose between keeping my torso warm with my coat or keeping my feet warm by wrapping my coat around them. In the end, I balled up into a fetal position and stayed warm enough, but I woke up with a very stiff knee. So, the moral is, if you use a foam pad, make sure it's thick enough and wide enough. I haven't tried an underquilt yet (unless you count an emergency blanket slung under me), as they are very expensive. Some people have had good luck with turning a military ponch liner (about $20) into an underquilt, but I don't imagine that'd be warm at very cold temperatures either.

The other gotcha I was referring to is bug netting, which I see you were planning to buy. But, be aware that you won't need it in winter. You could put together the rest of your kit and get some use in before you need to make this purchase. Also, some people have made their own bug nets from inexpensive bargain bin fabric - tule, organza, "wedding veil fabric", etc.

In the end, it's all about how much work and time you're willing to put into it to get the price down and still be comfortable. You might be better off sticking to a tent for now, but that's a decision you'll have to make.