Young aerospace engineer here myself.
A couple thoughts:
1) Your best bet would probably be rounds given that you would be unable to steer/control a ram air canopy used in this way without some complicated and heavy system.
2) On the note of rounds, probably something like the 3 parachute system they have used in the space program for landing rovers and capsules for a long time would be a decent place to do some research if you havent already
3) This system strikes me as something that would really just be for saving the airframe as the shock of opening in an passenger jet which is flying out of control would likely kill or cripple most or all of the passengers either from the direct shock of deceleration or from being thrown around during the jerk caused by the opening.
4) As someone previously mentioned, the weight of a system like this almost certainly makes it not worth it, if you are going to spend that weight, better to spend it elsewhere.
