hammocks

Forgot to mention one other place that a lot of people like - Hammock Gear. They sell items individually, but also sell complete kits. I don't own any of their stuff (save an odd accessory or two), but I have heard good things, and the kits can be a nice way to get everything together at once if that's your preferred method of shopping.

Honestly I just stuff everything into their own respective sacks. Come to think of it, everything I own also came with its own stuff sack, so I haven’t had to buy one. As for weight, I haven’t actually weighed mine out to compare, but once you put the hammock, bug net (if not attached to the hammock), tarp, suspension, and lines / stakes all together, it’s probably close to (if not slightly more than) a tent setup.

That's a tough one, honestly. You can find budget hammocks all over the place, but I would prioritize one that's 11' in length. The tarp is important, as it's really your only shelter against the wind and rain. Again, there are budget options that might be heavier, but they'll get the job done. If you already own a sleeping pad, you can try that out in place of an underquilt. I never found it to be ideal, but it will work and can save you money. And, if you already have a sleeping bag, you can use that in place of a top quilt. So there's lots of places to make compromises...

If I were choosing and already had a sleeping pad and sleeping bag, I would likely start with the hammock itself and go with a budget tarp. If you go that route, a word of caution, maybe... There are small asym tarps that you can use, but I understand they can be finicky to get hung right and if the wind shifts or it starts raining heavily you'll likely have a long night. That's not to say they can't work, but from what I've heard from others who have used them, it takes some practice. But that's just me, and I'm sure others would choose differently.

As a final note, a lot of the vendors mentioned above run sales throughout the year. There should be a way to sign up for notifications from each of them.

I basically use this guys setup myself. The thing that made it comfortable for me was also using a sleeping pad inside of the hammock. It might sound odd but it helps keep it from bunching up around you and spreads your weight out a bit more. You can also try sleeping slightly diagonally, this also helps spread the weight and make it more comfortable.

If it makes you feel better buying it if a random person on the internet said so: Go get it man.
It's a great tarp with great coverage.

I'd replace mine in a heartbeat should it ever fail or get worn out.