OK, so this "tent" needs to be relatively inexpensive. lightweight and pack small.
So we suggest a $600 Vertex double hammock that weighs 6 lbs and packs twice as large as many double wall tents.
Just for comparison the Tarptent StratoSpire 2 offers a lot more protected area than that for $325 and 40oz.
No it isn't freestanding (you need to use trekking poles or get 2x2 oz poles) but neither are hammocks...
BTW, the SS2 also packs about 1/3rd of the size of that hammock.
Two separate hammocks and a fly would not be much lighter or less expensive either.

Anyway the SS2 is still over twice the price the OP is looking at.

franco@tarptent,com
Now this is a REAL time set up....:
https://www.youtube.com/watch?v=RyQT9JHloQM