Just one old fart's opinion ... I went the minimal tarp route when I started Hammock Camping back in 2001 and learned very quickly that you had to work at site placement & rigging the tarp to the hammock to keep everything dry ... but even in best case scenarios ... which rarely exists in the woods ... something is going to get wet. Even in a slow vertical rain. It just is ...
To me ... getting into your hammock under a minimal coverage tarp is no better than trying to get in your tent in a downpour ... you are going to get wet and you're going to take that wet in with you. That's why back in 2003 I got an Equinox 9x12 tarp and haven't looked back on anything smaller since. OK ... I did carry an 8x10 a couple summers but it was far from those minimal little "wings" covering the tarp.
What this allows me to do is set up the tarp and be out of the rain. Then I can set up my hammock ... out of the rain ... I can shed my wet clothing/gear ... out of the rain. I can get in my bed/hammock all nice and dry. That's awfully nice to me. I sleep better dry myself
After years of crawling in a tent in a down pour this is as important to me as the comfort of sleeping in a hammock. I tend to think of it this way ... it's nicer to sit under a porch roof in the rain than it is to go out in the rain and sit on an open patio! That's what a larger tarp does for me ... but hey that's just my slant on it. I just know I'm enjoying my time when it rains now much more than I did before switching to larger tarps. Rain during a trip is not as big a factor as it once was to me.
But hey if you want to go minimal ... I think that's fine. The important thing is you're getting out there.
And if we ever share a campsite ... you're always welcome to come sit under part of my big old tarp to have a cup of coffee and enjoy the rain instead of swearing at it!