Matthew,
I have done what you are suggesting before, using a sleeping bag as a quilt for two, with a ground sheet zipped in. This works relatively well. The only issue is that the zipper in the bag sometimes comes down to within 8 inches of the bottom, but not all the way. So the footbox stays small, and can be cramped with two sets of feet trying to fit in.
I recently purchased a Montbell bag as an upgrade (warmer and stretchy) to my REI sub-kilo. I am now messing with my ground sheet to fit the new bag, and the zipper doesn't work. Its the correct size (YKK #8 coil), but the zipper on the Montbell is backwards! What I mean is this: typically when you start to zip any 2-way separating zipper, the zipper pull is in your right hand, and the insertion pin is in your left. On the Montbell this is vice-versa, the zipper pull is in your left hand. Hence, incompatible with other zippers.
After some googling, it seems that USA zippers may differ from other parts of the world. Since Montbell is from Japan, this may be the issue.
I am going to call Montbell to see if they will ship me a zipper to use. If not, I need to find a place that sells international zippers….anyone have any suggestions?