RE: parachute
Well RC Flyer it should work. They were available as an option on light aircraft over ten years ago. I'm out of touch with small aircraft, but may still be, so if they'll work there, they should work on a model.
It should be simple enough to rig up a capsule on top or bottom of the model, and if you get into trouble, e.g., in flight break up, pop the parachute and minimize the damage.