Grommit, you think like an engineer, not that that's a bad thing.
The cot idea would bear some analysis of thermal dynamics, balancing the conservation of the bottom down's insulative value vs the amount of heat needed to heat the increased air mass around your body. Jerry over at Wiggys.com talks about how you want as close to zero distance between your skin and your sleeping bag inner surface as possible to minimize moving air currents carrying heat away from your body (convective thermal loss). Wiggy designs his bags so that the inner liner drapes right on your body as much as possible to minimize convective heat loss. So the cot idea wouldn't be good on that basis due to introducing a layer of air around your body, at least on the bottom, that could move around and carry away heat. With zero body-to-bag distance, any heat you lose is through the surface contact of your body with the bag lining (conductive thermal loss). The heat lost conductively goes into the insulative layer of your bag, which is designed to stop its migration away from the source. That keeps warm the air next to the bag's inner lining and your body which is in contact with that lining.
I suppose you could make a grid of little curtains (like baffles) hanging under the cot to reduce air current movement. I think a 12 ounce closed cell foam pad would be lighter than the cot, but a lot more mundane to thinks about.
I suppose an "ultra-cot" would be made of 2" diameter sealed titanium tubing with 1/100" wall thickness filled with helium to "lift" you a bit and reduce the impact of the cot's feet on the lower sleeping bag. (Sorry, short sleep last night & I'm getting a little punchy about now. :yawn: )
Wrapping yourself and a hammock inside a sleeping bag is a
very interesting idea. I think the limiting factor will be the sturdiness of your bag's construction and insuring that it has a double-slider zipper.
I've seen info on a sleeping bag with an integrated foam pad (or foam pad pocket maybe?), but can't remember the manufacturer. Isn't there a company making a mixed-filling sleeping bag with goose down filling on top, fiberfill on the bottom, and an unsewn/unquilted top fabric layer to minimize wind/rain penetration??
I seem to remember seeing an ad for it in a magazine, but I'm old enough to question my recollective abilities. Theoretically it would be a good idea.