Very nice rig Phat. I admit that I spent a lot more on my full pack-load than $200, but for less than that I have my tarp and hammock set-up solidly in place.

I've found that I am quite happy with a tarp used in condition with another bit of shelter, whether that be my hammock or my bivy sack. Teaching scouts to use a tarp early on can definitely cut weight, bulk, and likely cost as well, so long as they have solid knot skills, which all U. S. Scouts of 1st Class rank are supposed to have.
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http://www.trailjournals.com/BearpawAT99/