Don't think I got a picture of the poncho as rain-fly, but it works several different ways: hiking poles at opposite corners, poles at adjacent corners and trees at the other two, trees at all four corners and a pole in the hood: get your Colin Fletcher on.
I used to have one with an extra long back, that also made a tent vestibule floor and covered the pask when wearing
And yes, I used the same poncho as rain fly, pack cover, tent footprint and cowboy ground sheet. You can even wear it as a poncho, of all things, and the snaps turn it into a decent cagoule. The US army says there's a way to make a PFD out of it, too, but I have never been able to get that to work.
Oh and forget the parachute cord: way overkill. I have some cord thats like what Big Agnes uses for tent lines. Super strong and hundreds of feet are smaller and lighter coil than 25 feet of para cord
