I've made quite a few of my own chutes.
I know that lightest is best, but I used the available rip-stop nylon that was in stock at my local fabric store. Unless you are sewing chutes that are 10 or more feet in diameter, the difference in weight and packing size won't really matter in sport rockets.
What I found the hardest item to find was good shroud lines. I ended up ordering a 3000 ft spool of 150 lb Dacron line for $15. I got it on clearance while searching for kite line. It's the same cord used in the low end window blinds, about 3/32" diameter and 150 lb test. It's worked great on chutes from 12" to 53" and I intend to use it on sizes to 96". Anything larger then that I'll go with the 300 lb parachute cord.
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