If all you want to do is make the clothes dry faster, you are much better off hanging them by one end than hanging them by middle, draped over the line.

A typical garment, if we ignore things like pockets, has four surfaces. If you imagine wearing a t-shirt, you have the inside and outside surface of the front portion of the shirt, and you have the inside and outside surface of the back portion of the shirt.

If you hang an article of clothing by an end, the outside surfaces of both the front and the back of the garment are exposed to the atmosphere. The inside surfaces of the front and the back of the garment are, of course, in contact with each other. So of the total surface area of the garment, counting both inside and outside, half of it is exposed to the atmosphere and half of it is in contact with other wet material.

If you hang an article of clothing over the clothes line at roughly its midpoint (let's say with the front of the garment on the exterior), the only surface that is exposed to the atmosphere is the exterior side of the front of the garment. Because of the fold, the exterior side of the back part of the garment is now in contact with itself. So you've lost half of the total surface area exposed to the atmosphere. This will obviously mean that the garment will dry significantly more slowly.