Possible? Yes.
But (and we are now crossing over to Addons: Editing btw
):
OFP flares have hardcoded features, one being that it will light up
only after some time has passed once the flare has been 'initialized' (shot, camCreated, etc..)..
So, using flare as a dummy ammo and/or as the light source at the end of a parachute would not work very well..
I would suggest using a grenade (glauncher nade) with initSpeed etc. values so low that it's trajectory would 'simulate' a flare..
And then use the method Tyger here suggested, but I would use velocity check instead of getPos check on the dummy nade..
And, instead of using a flare, use a 'fireplace' object which is then setpos looped with the parachute to 'simulate' a flare..
I'm way too busy and tired to give any example codes, sorry :-\