i think the idea would work...........if you could jam a big enough chute into the plane,
for a 5 pound plane your going to need a big chute.....idk the size (would guesss maybe 5ft in diameter) all i know is a quarter pound model rocket (my previous hobby before planes) needs a 24 in diameter chute.
and those are made of plastic, i think a bigger chute would have to be nylon or it would just rip to shreads.