'It almost has the dimensions of the smaller down bags without the thermal performance.'
Exactly. Most sleeping bags are made to fit you, and although that sizing can vary, they are simply not generally designed to allow one inside the other with any great comfort, and of course the inner ones loft and possibly the outer, are diminished. Oversized bags are rare, and are either designed as part of sleep systems (mostly for the military, who have slight different criteria from civilians), or they are just special large sizes.
As Billy O says, carrying two bags is even more bulky than carrying one.
You can get liners, like cotton (which keeps the bag clean), silk (warmth as well) and fleece. But not everyone likes them, and they only make a bit of difference. A decent mat will often give more for your money. And Billy O's suggestion of an extra quilt is a good one, but you still have the problem of extra bulk and weight.
Ultimately, if you want a warmer bag,
buy a warmer bag. It works out cheaper and easier than bodging. Study the market, and know what sort of temp you want to sleep at (all other things being equal), and then look at what would suit. You dont have to buy new (although if you are, Alpkit is your benchmark for good by well priced, and they have agood guide to buying bags, and lots of other things), but a good second hand down sleeping bag will be worth every penny. It wont be that cheap, but much better value than a synthetic bag for the same price. Much easier to pack (my son is going on a 2 day camping trip with the school this week, and the cheap Aldi sleeping bag he has is fine, but the compression sac is pretty big - his sisters Vango 350 is like a breeze block to try to get into its bag), much lighter and smaller in your pack. And it will last a lot longer.
Once you know the market (Rab and Mountain Equipment will be key brands to look out for, plus Marmot, Mountain Hardware, and even TNF, although rare in the UK) and the sort of ratings your are looking for (a bag will often have a number - 500 is roughly 3 season down to minus 4-6, 4 season will have a fill of about 700), you can do pretty well on Ebay (using
Picclick can make things a bit quicker, although it wont pick up everything). On Ebay, you can set up automatic search that alert you when new items come on the market. Some seller specialise in seconds or used items.
This ME
Lightline might be fine for the money - a proper wash will cost perhaps £30-40 (worth it - it will fluff up nicely and its a faff), but for less than a hundred all in, good value. Hence the 12 bids...
But if you can stretch to £170, this is a
good deal for new with tags. And
this is cracking - snap it up. And this
Rab is well worth it at £70.
Dont forget closing down sales, clearances and end of lines, and unusual brands that nobody recognises, which is why its worth doing your homework. If you spot PhD, Feather Friends, Western Mountaineering or Valandre in a jumble sale, etc, then just grab it, pay what it costs and thank your lucky stars - you got a huge bargain.