Not quite the same, but some mountaineers use a half bag. They come up to mid-torso and are intended to be used w/ a thick puffy jacket. Filled with down and a 20F – 30F rating, the weigh around 8oz.
You could see how you like this concept by safety pinning 2 old sheets together and spending a night in it in bed. Maybe you could just fold one sheet up to make a pocket, crawl in and lay on top of the folded edges to keep it together.
Once you get a sense for size, you can estimate weight. In theory, you should be able to go a bit colder than the standard rating for a given amount of insulation because the fetal position is better for conserving warmth and the bag will have a better surface area to volume ratio.
I don’t think you’ll get as low as half the weight, but 25% – 30% savings seems reasonable.