I have a group from my church that go on a mens winter camping trip every year. This will be year 4. In the past we have camped at Michigan State Campgrounds along Lake Michigan. Temperatures will be between zero and 30 degrees, and we will expect snow. In the past we have tented, tee-pee'd, and snow igloo'd (Quinzhee).

This year we hope to go more minimal and hike a couple of miles into the Huron-Manistee National Forest and setup camp.

For fun, Hammock camping has been suggested. Since this is new to us, and budgets are important, we have a few ideas.

The plan:
Hammock, sleeping pad(s), and homemade underquilt using a sleeping bag. Weight is not important. Tarp above or even above and around. (enclosure?)

Extreme option: Build up snow around the base and cover with a tarp to make a pocket for insulation.

1st Question: Are we way over our heads in terms of staying warm?

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Second Question: What is wrong with the cheap $35 china hammocks on Amazon as opposed a well built one? From what I can tell, size and quality of suspension is the difference. So, as long as its dimensional long enough, and I put up with a bad suspension, will the cheap hammock will be just fine?

My cheap option: OuterEQ Portable Parachute Nylon Fabric Travel $35
My better option: Hammock Bliss Sky Bed Bug Free $100

Why not go the cheap route? What am I missing?

Thanks for the tips!