This reminds me of a story. Bear with me; it has a moral.
Brian May of Queen invented his own electric guitar he called "the Red Special." It provided that classic Queen sound. When they were recording the song "Crazy Little Thing Called Love," they decided to give it a 1950s rockabilly sound. May experimented with his Red Special over and over again, trying to make it sound like a 1950s Fender Telecaster. He tried flatwound strings, he tried different amps, he tried equalizers ... but no matter what he did, it didn't sound right.
Finally he went to his engineer and said, "I don't know what to do. I don't know how to get that Telecaster sound."
The engineer said, "Why don't you play a Telecaster?"
Smart people (May has an honorary PhD in astronomy) very often overthink problems and miss the most practical solutions. Parachutes are a simple, cost-effective, successful way to land rockets. Your experiment, while I'm sure it would be fun and educational in a lot of ways, is really just reinventing the wheel. Have fun, but don't be surprised if you are the first, last and only hobbyist to try it.
Honestly, what would be far more useful is a guidance system that brings your rocket down closer to the pad; but there is already another thread about that.