Casey,
A few more things to consider.
1) Ultralight bivys (6-12 oz. range) are designed to be used in conjunction with a separate tarp. They will provide protection from spray, condensation and wind. The will not work by themselves in a sustained downpour.
2) Bivys that are designed to be standalone in adverse conditions, such as OR or Integral Designs, tend to be as heavy or heavier than UL tents. This is because their WB fabric is much heavier than the silnylon used in most tarps or tents.
3) Using Silnylon or Spinnaker as the top of your bivy would be a condensation nightmare. Moisture comes from many sources aside from breathing.
4) You could use something like Epic as the outer shell. It's used in both tents and bivys. It's heavier than silnylon but lighter than some other fabrics. Personally while I might us it in tents, I wouldn't use it in a bivy that needed to survive significant rain. When it wets out in a tent, it can be a little annoying but survivable. In a bivy, if it wets out it'll start soaking the bag. Also it's prone to condensation.
One question that I always ask myself several times during the design process is: What will it be like in this shelter after 18 hours of sustained winds and rain? If I can come up with a satisfactory answer then generally I'm on the right track.
Hope this helps.
Ron