I am not, but perhaps we are talking about two different things. My first comments were in regards to just a reflective layer.... like a space blanket. Your bubble layer will prevent conduction between the reflective layers. Your bubble layer could be quite effective with a lower R-value neo air, however putting a space blanket under it won't help much. You are in essence making it closer to how the newer higher R-value neo-air's (I suspect) are designed.

I agree adding a light breathable reflective shell material to a sleeping bag could greatly improve efficiency. Problems could involve having a loud crunchy sleeping bag with an uncomfortable fabric, but it would be interesting to see how it turns out. It sounds like you should get into the sleeping bag business.