I think there is some advantage to a DL in keeping the pad in place while getting in and easier tweaking, but once it is in the right place, I never had a problem with any significant shifting. I don't like how pads feel in comparison to insulation under the hammock, but there's no denying that a CCF pad is the lightest form of insulation.
I like to use an undercover with an open cell pad from a Hennessy SuperShelter system along with a Space Blanket for my bottom insulation. The undercover can be any wind and water resistant fabric and only needs to hold up its own weight. The total weight is greater than a CCF pad, but gives more wind and rain protection and you get dear air space under your head and feet. You could stuff clothing in there too. I have an undercover that can double as a poncho to get some multiple use weight savings.
If you are shorter, consider making the hammock narrower as well as shorter. You sleep on a diagonal, so you don't need the extra width. If you take say, 4" off the width, that is removing fabric from the full length if the hammock and more like taking 8" off the length. A scale drawing and comparing your height should give you an idea of how much to reduce the dimensions.
I've always been puzzled by the weight ratings on hammocks. A Grand Trunk Ultralight is made from polyester taffeta while my Hennessy Explorer is made of 210D nylon, yet both are rated for 250 pounds by the manufacturers. BIAS rates their 1.1oz fabric hammock at 225 pounds and Warbonnet gives the 1.1 Traveler model a 200 pound rating. Of course the suspension has to be up to the task. Note on the Warbonnet Traveler species that adding another layer adds 7oz, so the difference isn't huge.
The point here is that there must be a heathy fudge factor in weights and a smaller person has more leeway with fabrics, with attention to the stretch issues. You can use a slightly smaller tarp too.