I'd worry about the coverage. I have a gear guide 8.5 and I think the head and foot ends would get wet in any kind of rain.
I just picked up a Toxaway and stayed bone dry in some VERY hairy downpours. There are a ton of fantastic options in the $90-110 range which would serve you well as a general use tarp. That said, if all you're looking for is a fair weather tarp, the kelty will do just fine.