I think this will be about as effective as a monopod. I've always thought the lightest way to get a true UL tripod would be to buy a hiking pole with a camera mount, set it up like a monopod, and then send 3 guylines from the mount and stake them equidistant into the ground a few feet from the base of the pole. Using guyline tensioners you should be able to get the monopod quite stable. Of course, if one of your stakes pull out, there goes your $1000 camera. =)
I dabbled with this idea once but it's a hassle to get it all set up. Though wrapping the guyline around the pole for storage makes it faster. Still, if you were intent on getting a sunset shot at a certain location, you could get it all setup beforehand, and assuming you later use the guyline and stakes for your tarp/tent, it should add zero weight to your setup.