In answer to your first question.........NO...........if it is in fact a legal ultralight, it does not have to meet any criteria whatsoever. I asked the tower if he had a problem with ultralights landing at the Class D airport. he said no, as long as they have a radio.
I agree with you on the second question.
Most of those hanglider contraptions cost more than your Cessna. Take a look at
www.northwing.com [
northwing.com] look at some of the prices.....then you can shake your head.