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Euromodder - the "parachute drag" you worry about is just a small inlet in a natural high-pressure zone. If the parachute does not leak, there is no penalty, except minor turbulence as the stagnant air passes the edge of the opening. Self inflating wing kites are very fast.
If I were to try this scheme, I'd use mountain tent material, and a spring to roll it up at low speed, like a New Year's noisemaker.
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