Absolutely reasonable.
My total setup, which again, was built for comfort and not weight savings, weighs a total of 5 lbs, which includes insulation as well as hammock, tarp and suspension.
Hammock + suspension: 24 oz
Underquilt: 22.5 oz
Top Quilt: 20 oz
Tarp: 15 oz
The ultralight setup I quoted would be a total of 2 lbs 7 oz. Again you'd be giving up comfort factor, and it probably wouldn't be able to go down as slow a temperature as the heavier setup, but dang is that light.
Hammock + suspension (if you use dynaglide whoopie slings + MSH with lightweight toggles):8oz
Underquilt: 12 oz
Top quilt: 14.5 oz
Tarp: 5oz
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