If I have an engine failure, and I see loads of nice looking fields (which frankly is the case most of the time when flying in half decent wx) and somebody tells me the chance of killing myself in a field landing is 5%, and the chance of killing myself under the chute is 3%, I will still go for the field landing.
Peter that is a perfectly reasonable argument and strategy and probably a fairly safe one, the key is to at least constantly consider CAPS before it gets to late and then not an option.
Manufacturers recommendations is 2000ft but it is pretty much from practical evidence still proven successful at 1000ft and much lower, I would still pull lower if in a bad place.
My main personal problem with your strategy is the ability to positively identify a "nice field" what looks good at 1000ft can look horrible on the ground and the Cirrus is not forgiving in marginal terrain with an awful lot of energy at anywhere from 60-70 knots or higher if bothched.
I also think the chance of killing yourself, landing under stress in the best looking filed available is higher than 5%, who know but I would think death or serious injury in a Cirrus in this scenario maybe somewhere from 10-20% for the average guys. But I appreciate my guess no better than yours.
The stretching the glide if coming up short is another problem leading to a fatal stall.