You can use the POE pad, however one reason people use the inflatable pads is to provide some comfort from the ground, insulation is secondary. Since a hammock already provides the comfort, one only needs the bottom insulation. The POE can be used, there are a few "tricks":
1. Use a double layer hammock to put the pad between and hold it in place.
2. do not inflate it all the way (some do and then lie on it in the hammock and release air to get to the desired fill level).
3. You will need insulation on the sides, especially at your shoulders. Small sections of ccf work, as does a large section placed perpendicular to your POE to wrap your core.

Even though the POE would work, it is lighter (and warmer) to get two el cheapo ccfs and make a "T" with them. Instead of me trying to describe it, look here:

http://hikinghq.net/hammock/wing_pad.html

more here:
http://www.tothewoods.net/HammockCampingWarm.html#Pads

Happy Hanging. It beats the ground.