Interesting idea undercling-mike.
I am one of the few people that swears by vapour barriers to sleep in - even in Australian conditions (certainly below freezing but even a bit above). They add a lot of warmth, they do an amazing job of keeping the down dry over multiple nights (so your sleeping bag or quilt doesn't collapse by the end of the trip and loose some of its insulating power) and they are also a great emergency item. Use one and I am confident you can get away with a lighter sleeping bag (or be warmer / have more error margin for your weight carried - whichever way round you prefer). Far lighter, more effective and more useful for other situations that one of those warmth booster liners (e.g. S2S) that some use.
I have used the SOL emergency bivy - the non-breathable one (
http://www.adventuremedicalkits.com/survival/shelter/survive-outdoors-longer-emergency-bivvy.html). Cheap, light and works fine over a number of nights (not too delicate) though you need to be a bit careful. I would recommend to anyone going to a colder climate walk (e.g. nights to zero or below) to take one for insurance against colder than expected weather, as your emergency space blanket and also as an emergency bivy (better than nothing for a night). Cheap enough (in the vicinity of $25 delivered to your door) and light enough (110g) to be a 'why not?' argument.
I now have the Western Mountaineering Hotsac. Nicer to live in (not so plasticy) and much more durable but heavier (130g) and much more expensive (would do well to buy one and have it delivered for Au$150).
So if you would like to make one - they are your two benchmark competitors in terms of price, durability and weight. I have thought before it would be interesting to see if a light cuben fibre VPL could be made (all taped). However cost would be astronomical and probably only save a few 10s of grams against the benchmarks above. But you are right that any waterproof (not breathable) fabric could work - but balanced against weight, price and comfort.
Personally if you pursue this project features I would consider:
- No zipper (it is unnecessary weight, cost, complication and I can see myself snagging it on the fabric of my sleeping bag doing it up), just make the cut plenty roomy so it is easy to crawl into (and you want room around the feet too for your shoes / boots etc. to go inside the bag so they don't freeze up). I don't see much advantage of a tight fit for warmth here (unlike a sleeping bag itself) - with no air exchange inside the VPL bag you heat up and fully humidify the air very quickly. No hood but including a cinch cord around the neck is spot-on.
- The perfect material would be very light and completely waterproof/non-breathable, but ideally have a soft inside feel. Plastic works but is not so pleasant against the skin. The WM material doesn't feel plasticy, but isn't fully soft/absorbative like either. The WM has the extra bonus/gimmick? of the reflective treatment on the inside. Something like the liner material on many waterproof breathable rainjackets would be the nicest to sleep in - but most likely something like this would add too much cost and weight.
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Somehow, if you are going to have a market, you are going to have to better WM for price, with similar or better weight, comfort and durability. If you come up with something better in features, weight etc than WM at a higher price, you will appeal to such a small fragment of an already small market (small in the USA, tiny in Australia) that you will do well to sell 3 of the things in your lifetime!
The other option is to try and educate the market to how useful these things are and how to manage them to be comfortable. It seems to me that a steady stream of very good outdoors people (the latest probably being Andrew Skurka) have been trying to do this since at least the 70s, but with minimal success. Maybe one day there will be a big enlightenment in the market, but I wouldn't bet my mortgage on it.