I didn't know about the Golite poncho tarp. It seems to be nice, but it's "not in stock" or may be discontinued. Nobody has it, not even Golite.
It's about the same size as my current tarp, which is the ID Siltarp 5x8.
I like the Siltarp all right, but it's a bit exposed when the wind shifts, and when I add the weight of my poncho to it, it's a heavy combo. The Golite Poncho Tarp would be a good replacement for my Siltarp and do double-duty as the poncho, so that's a very good suggestion. I'll keep an eye out for that item to come back into inventory at Golite.
I could add a bug bivy to this Golite tarp arrangement, if I was satisfied to have the one open side of the small tarp. And I still may consider that with the Golite. I normally set up my Siltarp in half-mid config, and I like that, except that the rain blows in on me with our shifty winds around here. I do like the idea that the Gatewood Cape has that more enclosed coverage. I can live with getting wet sometimes, but I'd rather be dry.
I recognize that the Gatewood Cape has its drawbacks as not being "ideal" raingear, and that it's not universally liked for that use.
Thanks for the suggestions so far, guys!