Most chute formulas ie. weight/speed, are for drag cars that have to stop in an extreme short distance. Too much chute will remind you that your belts are still on.
Also, I've found out that if my car gets loose and squirrlly, right before I scream "PLEASE JESUS" that if I PULL the chute, it pulls the car back into a straight line so I can keep it off the wall and get it stopped safely