Kat, cutworms and slugs are different critters. I've always just wrapped a piece of paper around tomato stems at ground level for the same effect. That said, I've rarely seen cutworm damage to unprotected seedlings.
Cutworms
Slugs are different and I do have a problem with those critters. The worst, I think is in my houseplant pots that I put out for the summer. They'll be hiding out in the drainage holes, 2 inches long, but the end of the summer.