parachutes are a bit weird, sometimes, when there is none in them, they collapse and hurtle down to the ground.... mayb if they are set to flying rather than just created in the air it mite work.... otherwise that script is fine, should mke sure the ammo box stays 1 metre below the parachute
only thing is, it wont rotate, I think using cos, sin and tan you can set the angles the same... neway, try it and post any problems with it here..