Designing and producing your own tarp seems like a good idea to me. I'd thought I would like to do that as well, but the lack of a sewing machine or the skills to use one has me looking into other options.
If I could find a seamstress that worked for less than I've used in the past, to sew some of my nuttier creations together, I'd think about going that route as well.
Grommets are the easy part.
If you haven't done so already, check out the
Tarp Shelter Introduction here at ETS.