That is pretty much how the fatality I mentioned above of Brian Daly happened. I cannot stress it enough, do not tie shit to your self and or dangle it below you. Either tape it on so there are no snag points or velcro it on. We use these methods for attaching strobes and chem lights for night jumps in the military for a reason.
Agreed there was a fatality of one jumper that tied a strobe in his pocket so he could mark the DZ when he got down. The idea is he would be the stack the team would get to the right spot. The idea was well thought out and rehearsed. But when the jumped was executed the strobe came out of his pocket during free fall, on opening it wrapped into his lines so he cutaway, however it was an incomplete cutaway because of the strobe that was wrapped into the main and now entangled with the reserve when it deployed.
A long story short velcro the strobe to your helmet, green chemstick on the reserve flap attached with a rubber band and a red attached to the main lift web with a rubber band.
Think of the red like a stop light and turn away from it and green means go. Strobe light is turned on under canopy. Also something you may need to think about is how to light your altimeter if yours is not lighted.
