I'm guessing you mean something other than a bimini with a connector, which is what I have, and love it! I like the shade while on the water too!
That hanging umbrella looks like it would work fine. My boat neighbor purchased one of those Tommy Bahama Beach Umbrellas that they've been selling in Coscos..( less expensive) He just had to cut a slot in it to accomodate his backstay, ( I think he then added some velcro to close the slot) then he worked out some sort of clamp to clamp it on to the top of his Binnacle. The Hanging shade you've shown would appear to work in a similar fashion.
You'd just have to measure to see what might get in the way.