The tautline hitch doesn't work with the line I have (catfish drop line).
It worked for me but it may be the catfish drop line I had used is different than your's.
I think if I were to do this all over again, I'd just use cheap 3 mil PE (or polycryo if I felt like going to the trouble of reinforcing the edges) and tie off with sheet bends instead of messing with guy loops or grommets.
Sure wouldn't look pretty though.
Don't think it would hold up near as well in bad weather either but maybe I'm wrong. You'd still need to reinforce the edges, too, if you were going to experience any wind. Any kind of PE will stretch AFAIK.