here is my thought on it... assuming you have a suitable isolated area, AMA is no longer a concern, and also assuming you don't care about losing the plane, GO FOR IT! Get some aerotech composites (think you can buy a G without certification) and light 'em up! Just don't do anything potentially stupid at any point! Have a fire extinguisher with, only have one buddy with (for filiming, of course!)

I think a rocket powered takeoff would probably be even cooler than lighting them in flight, and would mean you don't need any on board ignition system.

As far as the parachute charge, if you buy reloadable's you can easily build it without the charge, or better yet, just design a small tube for the engine to sit in, when the charge goes off, it will kick the engine out the back and your now slightly lighter plane can go about it's flight/death. (couple of model rockets use this for ejection also)

and finally, if you let the thought of terrorism scare you into not doing it... well, to each his own.... (how is that for opening up a can-o-worms flame war!)