Heh, yep!  It can be as easy or as complicated as you want to make it.

I enjoy tarpentry.  Futzing with lines, getting everything as tight as I can make it is campsite fun for me.  Since my tarp is my shelter (tents - bah!) it's very important that the tarp be solid for the conditions with options to quickly 'baton down' should a storm brew.  I have made the mistake and had the wind switch, last time on Batch!

Your method works great for setting up around the fire/kitchen area, not so great for a sleeping shelter.  Water travels down your ridge line.