I have a Queen Anne style tent, a large camp fly, and a 10' X 10' trekking tarp, all of which I made from canvas drop cloths. I recommend the 10oz tarps, or better yet 12oz if you can find one, as the the 8oz are just too light to actually swell up enough to effectively repel water.
Before doing anything else, wash the tarps with hot water in a commercial washer and then throw in the dryer on medium or high heat. This will cause the tarp to shrink and tightens up the weave.
I've experimented with various waterproofing methods, both PC and not, but the absolute best treatment has proven to be Canvak or similar parafin-based products specifically made for the task. These repel water, resist mildewing, and are flame retarding.
I strongly recommend sewing cloth loops along the edges rather than using modern brass grommits. Reinforcing patches where you sew the loops are also recommended.