I have learned a lot from this thread. I am really getting an idea of what needs to be done with a tarp.
My plan for just getting a 3yd piece of sil-nylon is primarily for ease of sewing. Running the numbers in my head shows me I don't really need much of a bigger tarp. It will protect me from the rain as long as I set it up properly. The main thing for me is that a tarp this size will be much lighter than my tent. Plus I think making my own tarp will greatly enrich my time in the woods.
So for the edging I just fold the material over an inch and sew it down? On the corners I cut the material at an angle and sew the edging down and run a seam over what I cut so everything is flush? I then attach the grosgrain loops on the edging using an xbox stitch on the underside of the tarp and coat the stitches with a silicon sealer also on the underside?
I am excited to get started on this project. I think it will be pretty fun.

