Sounds like KC has the right advice .. but to answer your original question, you can use the logic mixes on the 14MZ, they can mix with AND and OR conditions, which should be what you are looking for. It can handle multiple inputs to "OR" or "AND" together. The documentation is on the 14MZ download site along with the next-to-most-recent SW update.

I use it to handle changes in nosewheel steering mix with throttle and flap ... and got the idea to use the logic mixes from 747DRVR...

Also, reading between the lines, did you intend to pop the chute in the air if failsafe happens??? I know a fullscale F4 driver who used the chute to recover from a spin in combat in Vietnam...

Dave