My first recommendation for a sleeping bag, isn't a sleeping bag at all. It's a foam mat, the blue WallyWorld ones or green Army-type ones are fine.
Your first requirement is to get something between you and that cold, cold ground. Not to mention it lessens the soreness in your back. Don't overlook the value of a thick layer of DRY leaves or even small pine boughs for insulation under you. That hammock might help to, people who use hammocks always seem to still recommend a pad under you.
Others will have more ideas on specific high-quality bags, I just use a $40 one rated to 0 degreesF (probably actually good to about 40 degrees, you know how advertising is). BUT, I also bring a poncho liner and/or fleece blanket for extra warmth, use natural materials for a bottom layer, and have been known to sleep almost fully dressed if it's real cold. Layers, man, that's the key... and don't put yourself in the equivalent of a plastic bag, if it doesn't breathe you will end up wet and even colder!