PF: I agree, don't ever buy that iron on hem tape again. Despite the fact that sewing notions have come a long way in the past twenty years, that has not. Nor has hem tape in general. The iron on might make it in a pinch, but I wouldn't expect it to last more than a wearing or so. If you're sure of the hem, and in a huge hurry, stitchwitchery or something similar would work, but you'll never get it loose if you change your mind. Once you've done a quick hem stitch a few times, you'll find it just as fast. As Betsy said, a catch stitch is much better than the blind stitch on a machine, which is never really blind and requires so much time pulling and ironing to get it flat, and get rid of the crease, that you can just whiz through a basic catch stitched hem in less time.
If you want to use hem tape/lace as a finish, I would do this (MHO, of course): pin up and press the hem. Figure out how deep you want the hem turn-under, and cut it even (not sure that one's making sense.) Lay the hem tape down right sides together with the hem edge, and stitch the edge (only through the hem facing fabric, not the outside/right side of the garment.) Then, flip the hem tape back up, and press so the little seam goes down toward the garment. Re-pin the hem in place and catch stitch. Is this completely nonsensical? I can draw and scan, but not now. I'm sick and tired and in bed, but can do in am if you're totally confused. Bottom line, some of those "time saving notions" aren't so time saving.