Well, for everyone's benefit and those who are not sure what I am talking about, these are the bungees.
Nissan 370Z - How to Replace the Soft Top Bungees
I got sick of the top hitting the cover when opening so decided to try this out.
It solved the problem and I did find out the old bungees were all worn and stretched out. I also found out the previous shop which changed my canvas did not change the bungee cords. Instead, they attempted to tighten it by using thread and sewing the cords so they are shorter.
Another thing to note, my 370Z was a resale unit and when I close the top, I always thought that loud "pop" sound (like when you quickly open a huge umbrella) was normal. It is at the final stage, when the top stretches out just before locking into place.
After these bungees were in, I no longer have that loud "pop" sound... And all these while I thought it was normal!
In my case, there wasn't a need to adjust the arm, which I did sometime back when I started having this problem
Roof hitting the tonneau when opening
Here is the Service manual, which may help.
370z 2012 Repair Manual Roof Section RF-45722