From my authorised vantage point of riding my bicycle on weekends through the distractions on St Kilda beach, I have observed that the Point Ormond parachute ops are pretty slick. The drop zone is NOTAMed and some poor buggers in their flying contraptions get caught out however ATC is pretty good at getting things moving efficiently. Often when Melbourne is overcast it often doesn't extend over the bay for reasons meteorological, and with a bailout at around FL100 you can often see the plane and the parachutist's drogue chutes - it's all rather benign really. I once asked one of the parachutist if they ever punch through cloud and the answer was yes providing that the cloud base was high enough.
I've been fortunate not to have been delayed flying around the bay but then I haven't flown on weekends for a while which is when Point Ormond parachute ops is going full pelt of around 1 jump every 50 minutes from my observations.
Interesting side note is that Point Ormond is the location of one of Melbourne's very first cemeteries, I know they've relocated some of the graves to St Kilda Cemetery (from the quarantine ship Glen Huntly), but there still could be ghosts around.