I recently made an 11' silpoly hex tarp without the cat cuts. It worked fine through a storm I hung through a couple weeks ago. It doesn't hang quite as tight as my tarps with cat cuts, but it's not enough of a difference for me to worry about.
As for length, I strongly prefer an 11' tarp for an 11' hammock, especially with a hex tarp. The height thing isn't so much about the length on the sides, it's about the coverage on the ends. With the tarp coming to a point at the ends there isn't much coverage at all at those points. Raising the tarp a couple of inches there can make a difference, especially if the wind kicks up. My next tarp will have partial doors to mitigate this. I've never had a problem in a hex tarp, but there have been some storms where I didn't have the peace of mind that I'd prefer.
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