The best way to hang a tarp imho can change for the situation at hand.
You may want to consider guylines (and ridgeline(s)) that can easily be moved from one attachment point to another. Your rectangular tarp can be used in many useful configurations.
Since your ridgeline can be either CRL (continuous) or two-piece:
- Try a 10' ridgeline setup and see your sidewalls touch the ground;
- then try a 14' ridgeline setup (RidgeRunner owners will be envious).
- Try porch mode,
- next practice wrapping the four corners to create "doors" (storm-mode).
- Try the 'bakers hut' pitch for lots room underneath, a great view, and blocking-off prevailing winds.
You may also want to practice some of the go-to-ground setups and keep those in mind for unique situations - like sheltering from a storm before you reach your campsite.
Try using the tarp as a windscreen.
Weave a rope along the tieouts of one tarp edge
Tied between two trees - as one side of an A-frame; 3-5 yards/meters upwind from the fire-ring,
with the bottom edge staked securely to the ground.
This is great for blocking wind when the tarp is a few yards upwind of your firering.
>>> Warning -- works for light to moderate winds but not for strong winds (don't ask me how I know...). Setup leeward if you can.
Who knew tarps could be so much fun - Happy hanging!