I have done this and it works great.  When I buy a tarp I buy some bulk shock cord and put a loop on each corner.

Caution should be used with the hook type of bungies.  They'll take your eye out.

I often see tarps and pics of tarps and I can't help but shake my head a wee bit.

I am a big proponent of how Cliff Jacobson hangs a tarp and handles the ropes and the staking. 1st rate, quick and strong. It is demonstrated in this DVD. The tarp section alone is well worth the price of admission IMO.

(You need to Login or Register to view media files and links)  

I will pique your curiosity for the DVD. Cliff establishes a ridgeline where one entire length of the tarp is anchored to a tight rope. Quick release knots are used. The nice thing about the Cooke tarp is the multitude of anchor points.

I never use any sort of shock cords and instead I use cord and truckers hitches and quick release half hitches to get a drum tight tarp that breaks down quickly without any tools to undue the knots. Slick. (thanks Cliff )

I also bring a shockcorded collapsible center pole (REI) specially designed for tarp set-ups. I detest looking for the right tree limb after a long hard day. I have enough long hard days throughout the year to have to hassle with scrounging up a workable tree limb.

The Cooke tarp once again shines as it has a specially designed pocket to handle a center pole. I use a cable tie to insure the pole stays where it is supposed to. The whole set-up is quick, easy, quiet and breaks down quickly. No hassles is what I like. If a tarp is a hassle you are less likely to pitch it and it's not up when you need it.

No bungies here either.  I am in the camp that says a well-strung, taut tarp sheds wind far better than one strung with bungies.  The extra "give" in a bungie setup just allows the wind to grab the tarp better instead of sliding over it. 

I do look at likely wind directions when I string up the tarp and try to set it in such a way that if the wind shifts on me, I can drop the side facing the new wind direction and raise the other side without too much effort.  This also maximizes the rain protection of any tarp.

I do use a tarp pole.  Used to cut/find a suitable dead young tree of the proper thickness and height but I just bought a collapsible pole so I could eliminate the hunt.  With a Cooke tarp, there's no worries about the pole falling out and it helps provide a lot more headroom underneath with a lot less effort when you string up the tarp.  It also helps you to adjust to shifting winds without having to completely reset everything.

Wow, thanks guys! Looks like I need to re-think this idea of shock cords. Nothing like getting different view points.
Best Wishes, Rob