Scott, start simple, A-frame setup for your poncho tarp placed just far enough above your hammock so that the tarp doesn't touch you or your sleeping bag. It would be best to try anything new in you back yard, if it fails your only steps away from warmth and safety (and food).
In my last post I forgot to tell you that once the hood is twisted a couple of times, double it over and secure by half hitching the hood draw string around both halves. This will keep the hood from untwisting.
I think you'll find that alot of people get into UL backpacking so that they can take along a swath of other gear for their other hobbies. Photography, fishing, bird watching, climbing, rafting, biking, etc., etc., etc.
Just because you have the other gear with you, it doesn't mean that your not UL backpacking. Who knows, some day you might decide to leave the camera gear behind just so you can get outdoors, even if it's just for one night. Wouldn't that be nice and light (and maybe even fun).
After you find a setup that works for you, put that camera to work and post some pics. I'd like to see what you've come up with. Who knows, maybe you'll figure out a method that no one else has come up with. The pics will also come in handy for other newbies learning to use this combo of poncho tarp and hammock.