tarptent newbie question

Justin, the simplest way is like you've described; put a loop on the stake end of your line and run a taut line hitch for the tarp end of your line. If you want to get fancy and add a marginal amount of weight, you might consider the lineloc buckles found on MLD and GG tarps. My first tarp is almost complete and I've put linelocs on all the tie outs. This is overkill, but they came w/ the kit from Quest and I figured I might as well use them. Supposedly you can adjust them from under the tarp, saving getting wet. In your tent application this wouldn't be an option though.