I wouldn't carry both. The area you will be traveling is mostly forested so I can't imagine having much trouble hanging the hammock. WRT, bringing panniers in at night if it rains... I personally don't see any advantage to that. Mine stay on the bike for the duration of most trips. Stuff needed for sleeping, clothes for the morning, and my handlebar bag are the extent of what comes inside for me.

I am not a hammock kind of guy though, other than that I did lust after the ultralight (12 ounce?) one some other campers had in Camp 4 in Yosemite for lounging during the day. I didn't miss the 12 ounces when climbing Tioga Pass the next day though