Rigging up a poncho liner by itself is not too affective. The challenge is sealing up around the edges. An under-quilt works by creating dead-air below you, and if it can't seal up around the edges, they aren't very effective at all. A lot of DIY modifications of sewing in shock cord which has been the only way under-quilts have worked for me. Even a purpose-designed under-quilt will fail if it isn't rigged properly.
However, if you're looking at 40-degrees, I would still recommend a CCF pad in the hammock. I used a cut-down section of Z-Rest pad (I think it's about 6 six sections). It folds up and rides against my back inside the pack but when in the hammock it covers my neck to the bottom of my butt which is where I feel the most cold. I've also just used extra clothing and layered the bottom inside my hammock creating more barrier material, so there are several options to fend off that cold-backside syndrome which is what makes hammocks both awesome in the summer and miserable in the cold weather if not rigged properly.
ROCK6