I've done some work with various weights of Cuben (0.51oz, 0.74oz, hybrid all from zpacks). I have never made anything with silnylon but have used it for years (stuff sacks, tarp, bivy bottom) until Cuben became more readily available.
I would use Cuben without hesitation, I find it very easy to work with. Unless cost is a concern or some stretch is desired in a project I don't see a point in using silnylon. In my opinion after using cuben, silnylon is kind of just 'second best'.
You could easily make something like this....
http://www.zpacks.com/accessories/dry_bags.shtmlI would do a 0.51oz roll top inner bag with no sewing, just bond all the seams. Then I would do the outer bag in 1.43oz or for greater durability cuben hybrid and you're golden.
These things work too as an outer bag, heavy for some peoples tastes but they work...
http://www.seatosummit.com/products/display/1