Hello @daintreeboy and everyone else.
I spent three years hammocking at least once a week all over the Cape York Peninsula. Usually in or around the remote aboriginal communities but also up at higher altitudes.
You can absolutely be very comfortable in the hammock higher up. Depending on weather conditions a rough rule of thumb is that the temperature can drop about 1 degree centigrade for each 100m elevation. So you can get a bit of an idea about the possible temperatures. I think any wise FNQ experienced person will warn you and I about how cold it can get higher up. But if people can hammock camp in Wisconsin in winter you definitely can do it at altitude in the tropics.
I am biased. I regularly hammock at altitude in Tasmania and in Northern Europe so I am fairly used to colder temperatures and wind. (Wind is a big issue.)
I am no expert on all this hammock stuff. People can get very nerdy about it, in fact that's part of the fun.
So you can do it. It takes a little more kit and a little more skill.
I don't think you have to go for an all in one system by Hennessy or Dutchware but if you are going to do that I would encourage you to consider our local cottage manufacturers like TierGear from Tassie. (Hi Simon!)
I have a Hennessy Ultralight Asym, a dutchware Chameleon and a Warbonnet Blackbird. They are all excellent in their own way.
However I would encourage you to consider the cheaper, modular approach; a simple gathered end hammock + a simple bottom entry mosquito/bugnet + an under quilt (3/4 length) + a decent sized tarp.
The hammock and bug nets can be as low as $50 each. The UnderQuilt (UQ) can be as expensive as you like but can be as cheap as the Jarbridge by Arrowhead which I would think would be enough.
(
https://www.arrowhead-equipment.com/sto ... quilt.html ) which I got for my son on sale for $50 or $75 US. I recommend 3/4 length as I have always been fine shoving a back pad or similar under my heels inside my quilt/bag.
If you are just starting out persist with the sleeping pad until you are sure the UQ is worth the investment.
The tarp has to be enough for proper QLD rain so I am a fan of a HEX tarp for the tropics rather than the tiny little asym tarps. I use the same HammockGear Cuben fibre ($$$!!!) with doors for the tropics or the snow but I use a $50 Go-lite poncho tarp when the weather is fine/dry.
I agree with @ofuros regarding an Under Quilt Protector (UQP) which makes a big difference to the loss of heat to wind, decreases spray/rain getting the Underquilt wet (esp. if you go for a down UQ) and adds a little extra warmth just by creating a n air pocket. I have a water proof and a non-waterproof option. I don't like the waterproof one so much as it tends to capture condensation. (You can get very obsessive about UQP's alone if that's your thing.) My fave UQP is large and develops my whole hammock and was made by 2QZQ. It is a very simple piece of kit and possibly the ideal place to start making your own gear, maybe even recycling old lightweight fabric from a damaged piece of equipment.
I manage to get the tarp, the hammock, the bug-net and the UQP into a set of "Snake-skins_. I use whoopee slings and when I have the hammock up I usually connect the tarp to a continuous ridge line.
The benefits of going modular is the cost, the flexibility, the ease of repair, the fact that if one bit gets badly damaged you only have to replace that bit.
So it can be "fiddley" but I usually camp alone so it is time that I do have.
I also agree with @ChrisJHC about being off the ground.
One night near Aurukun I slept in a genuine Cape York down pour. I was dry in my hammock but during the night I wanted to get out of the hammock for a call of nature. I could not see one square inch of earth. The ground was nothing but insects and spiders and scorpions with all their eyes reflecting my torchlight. My shoes were thankfully hanging from my hammock suspension. It was Indiana Jones. The stuff of nightmares. They had all come out as the water levels rose in the nearby creeks. I kept my feet off the ground and went back to sleep. I don't know what sort of tent would have saved me.
Leeches? They are seriously persistent little f***ers and will possibly be on you before you get into the shelter anyway.
Nice to "meet" some Hammock campers here in Australia.