The above post hits most of the critical parameters which I have expanded a bit below.
1.) The descent rate prior to main deployment is important. If your rocket is descending at 60 fps on a drogue, and it takes 2 seconds for your altimeter to realize it went through 300', so your actual deployment might start at 300'-120'=180'. This is strictly altimeter dependent.
2.) The length of the shock chord. Your parachute will not begin to open until the shock chord and parachute lines are fully extended. For the case of a high power rocket this might be 60'. Your chute might begin to inflate as low as 180'-60'=120' feet. This is dependent on your shock chord and shroud line lengths.
3.) Time to open canopy fully and slow down. The bigger the rocket and chute the longer the time, but probably 0.25 to as long as 1 second if nothing hangs up. Your chute might not be fully inflated and functional until you are down to 120'-60'/2=90'. A lot depends on how you pack your chute and whether you employ a device to slow opening to reduce shock. Smaller chutes usually open quicker.
4.) The main chute should be sized so that the descent rate is 15 fps or less. From 90' you are on the ground in 6 seconds. The Descent rate depends on parachute size, but if your doing dual deployment, you want a big main chute to eliminate damage to your rocket. In WW2 military static line jumps were conducted from as low as 250' to minimize the time troops were esposed to small arms fire. No reserve chutes were use because if your chute didn't deploy, you hit the ground in a little over 4 seconds and amazingly had a reasonably good chance of surviving with some broken bones.
For a big rocket this would minimize wind drift, but you would need nerves of steel and faith in your hardware. Smaller rockets would probably be descending slower under a drogue so a 200' main altitude deployment is certainly possible if you can pack your chute to insure that it will deploy promptly and not hang up.
If you are launching significantly above sea level, you want to increase you deployment altitudes by the inverse density ratio so account for lower drag at higher altitudes.