Some of the guys are using 1/8" spectra/vectra/dynema non-stretch line. I do something a little different since I hate re-tensioning my tramp all the time ... I use 1/2" bungie cord (availible at Fawcett's Marine Supply in Annapolis)... this keeps the tramp tight all the time, it makes it in fact self-adjusting/retracting. (But you need really strong bungie!!!) I believe that the average tightness of my tramp is greater then if I used non-stretch line (as the tramp stretchs if the line doesn't too) over the course of a day's racing. (Besides I want to be socializing after racing not tightening a tramp for the next days racing) Try either and decide for yourself.
If you don't care about a stiff (and therefore fast) boat then you can use bungie. Its certainly more comfortable. However a drum-tight tramp contributes to the platform stiffness and a stiffer boat, is a faster boat.