I think that the guys at www.hammockforums.net have thought about it, (maybe) tried it and dismissed it.
I haven't tried it, but this springs to mind:
- Thin, prone to rip material, with your weight on top = 1 little hole can become a big rip?
- That same material seems difficult to attach to straps or something to connect it to the hammock.
- To insulate, it must keep air trapped underneath you. Therefore, there must be a little bit of room between hammock and blanket. With thin, floppy material that will be difficult.
- A good gush of wind and any air trapped in the "in between" will be blown or pushed out.
- Think about the wrinkly sounds this material makes. My brother spent a night in one of these. He slept great, but every time he turned around in his sleep he woke everyone up with the aluminium-foil-sounds. Imagine it's a bit windy or you turn over in your hammock....
I think there has been talk about using an emergency blanket here or on Hammockforums, but the a thicker kind like this below:
Though I think it won't hold much air, it might be worth a try.
I believe you are thinking of a traditional single layer foil emergency sheet. The blizzard blanket I'm referring to is different. It uses a multi layer construction so the insulating air is actually trapped inside it. It's also reputed to be a fairly strong material and of a robust construction. Have a read through the site I linked to in my original post for a better description.