Great questions and responses here. I have been struggling with the same issues, here in the Mt. Lassen area, this winter.
I use the same bag, Phantom 32 F, so it is spot on for what I have been experimenting with. My experience is that it depends on factors that you have not defined: are you going to be above the treeline, where wind can very quickly become a decisive issue in this general area? As I recall in my youth much of the rim is above the tree line. Here in Lassen wind is one of the biggest factors influencing comfort, if not avoiding hypothermia or serious problems from cold.
So altitude, primarily potential for wind and ability to shelter in between trees or rocks would be a real consideration. Second, humidity or precip expected at the time of year.
The Phantom does great down to 32 F and can even work in snow conditions with 20 F if you have good ground insulation and a controlled tent type environment, that I can attest to. I carry extra dry socks, long johns, and a dry long sleeve base layer for sleeping and safety — if there is going to be extreme cold or danger of precip and winds I carry a higher loft mid layer Polartec long sleeve top and Montbell Thermawrap pants.
But, having read a lot of reviews and gotten a lot of pointers here, I got my confidence up to start using a base layer of merino wool or light weight capilene, covered by a Western Mountaineering Flash Vest (down, 3 oz.) with only an extra base lightweight capilene long sleeve top as a safety and for warmth if I got cold, and a windshirt (GoLite Ether) for normal wind and rain or snow over short periods. It works for when hiking or walking around during the day down to 20 F easy, and has worked for shorter periods at 10 F with no problem — have not tested it for extended periods.
Then, if it is for an overnight, I carry a Marmot Precip or my DropStoppers jacket and am intending to start relying on a Bozeman Mountain Works poncho, UL, to replace the jackets. Having gotten the confidence that a few layers of lighter weight gear works after reading stuff here and testing the theories and reports out, I don't think you will have a problem in the summer months — but ground insulation really influences the Phantom at below freezing temps and makes all the difference. (I use Gossamer Gear Thin pad closed cell with the torso egg shell pad as a standard and just got a BMW/BPL torso pad to see how it works with that system.)
As for sleeping, dry is what makes me warm. So extra pair of socks in the pack for safety or worn during the day for extra cushioning, medium weight capilene long johns, and the tops described above work with the Flash Vest. It does not seem to suffer from any compaction in the Phantom bag or under other layers. For head gear I have been plenty warm in the UL Mountain Hardwear balaclava and beanie/cap (1 oz. each). Again, it is really what I expect for the lows at night that determines whether I take any other head gear (a down balaclava) or feet gear (Integral Designs hot socks). I also sleep in my gloves, whatever they are at any particular moment, which I find increases the sense if not the reality of warmth.
So, I think the comments you have recieved are all correct because the answer is both a jacket and a vest are good — a UL jacket and a UL vest are a great combintation, with the baselayer garments for hiking and sleeping (the DropStoppers and the Flash vest weigh like 8.5 oz., the Marmot Precip and vest weigh like 14.5 oz. For me trusting and using a lighter system is a matter of having gained more confidence in the lightweight layering systems advocated in the BPL articles, and for me they have worked with a Phantom 32 F bag — in fact, for me personally based on my experience now, I would have no qualms taking the bag with the right supporting gear for ground insulation, wind and weather protection into the Tahoe Basin area for an extended period of time at that time of year — heavy snow and winter is a whole nother matter. Finally, the UL bivy sacs work great with the Phantom. (You ought to see the junk I used to carry because I was afraid of being cold.) bd