I've recently changed strategies. I now loosely stuff my hammock, quilts, and clothing into a single trash compactor bag. All my other gear gets placed on top or around the trash compactor bag. This seems to take a lot less overall space; and is actually quicker to pack than putting everything into its own individual bag.
The tarp goes into a mesh snakeskin and is stored in my backpack's outside mesh pocket. Gives me quick access if needed. In the evening I string up my tarp but leave it in the snakeskin. If weather threatens I can quickly deploy it. But if the weather is nice, I get to keep my view of the stars!!!