I've hammocked all year round and never felt the need for an underquilt. I've got the DD Traveler hammock and just pop a piece of foam underlay with a Thermarest on top of it in the gap between the base layers. I'm thinking of cutting the underlay so it is profiled round the shoulders more for this winter. I've then got the Snugpack (not so) Special Forces sleeping system (2 bags, 1 in the other) and a blanket if it gets really cold, but not used it yet. I find that I'm more than comfortable down to below -6 and that the mozzi net actually keeps a fair bit of heat in. Always wear a hat and maybe fashion something for your nose as that's about the only part of me that gets really cold. A pee bottle is good too so you don't have to get out and can be used as a hot water bottle. Be aware of wind direction and height off the deck in case it gets misty in the morning.
All that said, we all have our own tolerances to cold. Spandit and I regularly camp out together and the poor chap is so thin, he really feels the cold. As for porky old me, I tend not to. My biggest danger is sweating up too much cos I'm too warm, which then means you lose too much heat venting off.