Very good topic for consideration John. Here in CO you can go from sunny/warn to snow and hail in minutes so your scenario is very applicable and plays out regularly on the Colorado Trail every summer. When the storms roll in each afternoon the only logical answer is to head down to treeline and hunker down. There's rarely level ground and certainly not an established campsite. Having the ability to get up a tarp in a hurry is very critical.
Additional points to consider are having your tarp outside your pack where it's reachable, along with the stakes. Snakeskins really help keep the tarp from flailing into the trees while you're staking it out. Having all tie out lines attached to the tarp and stakes really speeds the process. Once it's up life gets easier.
The takedown in rain is also important to work out. Dry items get packed up first, then don outer gear, cover pack, then take down tree straps, then tarp, and place outside pack, under the cover. I like CF tarps since a quick shake removes 99% of water, keeping pack lighter with less saturation of everything it touches.
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