Someone asked about very large chutes, like a 12 foot diameter one. Here's my advice.
That's a larger chute that I think any has tested before, so you'd be a bit of a pioneer. No reason you couldn't make it work well, but I don't have a "tried and true" way that's been tested. I would start with a longer band, perhaps one about 8" long (16" of rubber in a loop). You'd need to practice wrapping it around your folded chute (shrouds inside, see our video) multiple times, and doing ground tests until you're sure it will quickly unwrap. The "smoother" and "tighter" the bundle was before you wrapped it, the better it would probably work. The main thing to worry about is the chute being so soft and squishy that the rubber band gets caught and pinched and gets trapped after the pin is released. I've seen this happen even on smaller 30" chutes.
If you use a fire blanket (recommended), put it OUTSIDE of the chute and release, and tether the fire blanket *away* from the chute bundle closer to the fin section so that when the shock cord stretches out it will be pulled away from the chute bundle and Chute Release (both of which it protected during ejection). So you'll end up with a straight line "stack" as it falls with drogue at the top, then chute bundle, then nose cone then fire blanket then fuselage. There are variations on that that are okay, but the care you need to take is that stuff stays separated, not twisted (use swivels), and that you realize that anything "flapping around" will want to wrap around anything it can reach.
And during ground tests, you want your chute to always spring open. Be wary of tests where the band seems to be getting pinched and caught in your chute. You want the thing to spring open. Consider z-folds and maybe one outside roll vs. just purely rolling. Experiment until you can find a tight bundle that feels like it will stand up to a 50 mph wind, but that "pops open" when Chute Release triggers.
We'll be developing and commercializing band alternatives, but for now a little experimentation is in order. And remember, if you're not sure how quickly your bundle will unfurl and inflate, start with a high (> 500') setting.