Ok, Ive been playing around with their site.
You would need 275gm of down in one of their sleeping bags, in a standard width and length, to get a 40F rating.
The minum ultra weighs 13oz, with 150gm of down. Adding 125gm takes it to about 17.5oz. If we assume that adding a zip and single draft tube (using the option in their software) adds 55g or about 2oz. This takes it to 19.5oz. Bear in mind this is with a hood. I think you could safely assume that removing the hood (which isnt a proper shaped mummy hood, but a flat open hood with drawcord to pull it tight around your face) weighs in at 3oz, then we are talking about a 16.5oz bag.
Getting a slim bag made, removes about another 1.5oz, according to their software (its probably slightly less than that if you are using the MX fabric that the minum ultra bag uses, and don't have a hood), so if you are lucky it will come to 15oz. However, this is assuming that you will fit into a slim bag, and that you also don't need a long.
If you can get them to make it without a draft tube, then you may make 14oz. However, personally I wouldn't recomend this, unless you are using a bivy bag to cut drafts. In which case, if you are seriously considering 14oz as your limits and don't want a hood, then why not use a quilt.
As its a slim bag, you would also get away with a smidgen less down for a 40F bag, which might save you another half ounce or so. But again, this is assuming you will fit a slim bag.
But I do think its possible, and the folks at PHD if you ask them can probably just pull it off. It will likely cost you a premium…the slim custom bag I created came up at 213 pounds sterling. A standard minum ultra is 149. but you are asking them to go outside of normal patterns without a hood and to do the almost impossible. I would expect an asking price about 250pounds. Thats about $550 Australian, but to me (used to Aus gear prices) that sounds like a fantastic deal for something so high class and customised.
So its not impossible at all.
I haven't checked out feathered friends, but if they are pretty open to customisation and have equally good materials (eg equivalent of MX fabric and use at least 800 loft down, and are good at reducing construction weights) then I'm sure they can do the same thing.