Probably pretty good chances, actually. The chute is loaded with gunpowder for the discharge, so i'm sure it gets out of the way of the craft pretty quickly. The problem I see though is the weight. It's 1/2 a kilo by itself.
-Terry
Don't know if you guys saw this yet, but it's one of the new goodies over at the PhotoHigher website.
http://photohigher.co.nz/products/flight-and-gimbal-control-systems/ballistic-parachute-emergency-recovery-system/
-Terry