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James,
I have no experience with the materials at JoAnn's but I have done what you are suggesting with ripstop and batting from Hancock's.
What I can suggest is the following.
This will be about as cheap as it can be for an "ultralight quilt".
Keep in mind that I can't guarantee the temperature rating.
Order 5 yards of 1.1oz Ripstop Nylon, 2nds from D.I.Y. Gear Supply at $3.20 per yard.
http://www.backwoodsdaydreamer.com/products-page/breathable-fabrics/
For insulation consider 6 oz per square yard 100% polyester quilt batting from your local fabric supply shop for roughly $12.00.
The kind I am describing is available on Amazon.
http://www.amazon.com/Polyester-Quilt-Batting-Full-Size-X96/dp/B004ALV78Y
I found mine on a bulk roll in my local Hancock's.
Not accounting for draw cords, thread or other "hardware" your total should be around $28.00 for the above materials.
I made my first quilt in a similar fashion with bulk 6 oz polyester batting off a roll in my local fabric shop. I did not stitch or tie the quilt anywhere except around its perimeter. It kept me warm into the high 40's using a single layer of batting. It weighed in at somewhere around 1 pound 5 ounces as I recall.
It is not the lightest option but I think it certainly is the cheapest that I know of at the moment.
I hope this helps.
Party On,
Newton
Edited by Newton on 06/28/2012 12:50:59 MDT.
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