#1 – If you have body, clothing, space blanket, clothing, air – space blanket does very little
#2 – Body, clothing, space blanket, air – space blanket reduces maybe 20% of your heat loss
#3 – Body, clothing, air space (I don't know how you'de accomplish this), space blanket, air – the space blanket might reduce your heat loss 40%
#4 – body, clothing, blizzard survival suit that has several layers of air and space blanket – that would provide some real warmth, might be a good alternative to a sleeping bag
This is my opinion based on theory, measurements, looking on the internets but may be contoversial?