I have found that going with a hammock instead of a lightweight tent does not mean a lighter pack. The dichotomy between tent and hammock is about comfort. Do you prefer sleeping on the ground or in a hammock?
If you wanted to ultralight and use a hammock:

1. Grand Trunk Nano-7, weighs 7 ounces.
2. Paracord for suspension, less than an ounce
3. Cuben fiber solo tarp, Zpacks has one that weighs 5 oz
4. Gossamer Gear insulation pad, 2.5 oz
5. Gossamer Gear Stakes (8): 2.5 oz

Total weight: Roughly 20 ounces.

If you aren't a fan of trekking poles, now you can leave them at home! Which will save you some weight. That said, sleeping on the ground is always a lighter option.

1. Cuben Fiber Zpacks tarp: 5 ounces
2. Paracord (tie to trees): 1 ounce
3. Gossamer Gear polycryo ground cloth: 1.5 oz
4. Stakes: 2.5 oz
5. Gossamer Gear insulation: 2.5 oz

Total weight: less than 13 oz