Thanks for the replies everyone.
Kat, the number is just a wild estimate. I figure 3 yards of fabric is about 3.3oz, plus some webbing to attach to the staking points, plus seams, plus thread, plus whatever else I can't anticipate. :) I could justify 6oz extra for weatherproofness, but your concerns about trapping moisture are still valid.
Eugene, yes I think that's a good idea about the guyouts. Only concern would be the stability of them in a steady wind.
Gunther, thanks man, I'm going to be fastidious about seam sealing. I hear that's the one thing people don't do well enough, and why they get wet.
Mark, I've been told that due to the silicon fabrics they use in this tent (Nanoshield) you both a) won't be able to apply additional DWR on the tent because it won't stick, and b) it might inhibit the current waterproofness and breathability of the fabric. The breathability is really important for this tent, being a single-wall.
Matthew, thanks for your anecdotes, it's helpful to me. I'm glad you stayed dry in a storm; I've heard from lots of people that they stay dry in theirs during storms and only experience some misting during heavy rain. When on a few mountains recently (Rainier included) we left the top zipper on the vent completely open, and left about a five-inch gap on the front door zipper. We had literally no condensation in the morning, even though it was sub-freezing. There was a good wind one of the nights at Muir, though; probably about 20 sustained and gusts around 40.
Thanks everyone. I'll look into seeing whether or not this is something I'm willing to do. Sounds like a fair amount of work, but so many people use this tent that it might be justifiable as a service to the climbing community. :)