As explained the first problem is trggering the timer at launch time. What I fancy is a torch with a LED in it which PWMed. The reception of the PWM keeps the timer reset. So when the missile is launched it gets out of the PWM light beam, so the timer starts.
Now as for the servo, seems a lot of technology to open a parachute. This is an idea I played with in 1959, and it worked for me. Basically it to use the melting property of very fine gauge wire. So what I did was to carve a notch in the wooden end of a matchstick. Two pins were used to hold an elastic band and the matchstick was hooked on to it. Two more pins were driven in beyond the chemical end of the matchstick. One end of a very fine wire was soldered to one pin, the wire was wrapped around the chemical end, the free end pulled tight , so tensioning the elastic band, then soldered to the remaining pin. So it looked like an X with the match stick in the centre. passing a high current would ignite the match head and fuse the wire , so the match stick took off like a flare.
You have the elastic band holding the chute cover on, so tether it with some very fine copper wire into which you feed a high DC current to fuse the wire, so releasing the cover.
Frank