I believe it was Osmosis that said he does this sometimes.
It sounds like you are wanting a mega-ultra light setup, I would never recommend braided line for ultra light fishing, I believe the point of fishing ultra light is to present your bait as natural as possible, and braided line is way to visible to make anything look natural, and when the fish samples your bait, he's gonna feel that braided line instantly.
I would recommend Maxima UG line in 6lb tops for this setup, and the biggest spinning reel you should use is one that holds around 150yds of 6lb (probably still too big). The hardest part of perfecting this setup would be matching the size of reel to the rod and the action of the rod.