I have serious doubts on 007s stance of using the chute as a SOP for all engine failures.
Not all engine failure, Overhead Manston I might be tempted
Seriously I accept totally this SOP is not right for everyone but with my SOP I think I have a pretty reasonable chance of survival, or probably a much better than average chance of survival. However straight forward engine failure is not the main threat.
One thing which is very clear is to work out your own SOP with the chute whatever that is and be clear about it.
The worst thing with this extra option is indecision
Actually another reason mine is pretty much black and white, the decision is made before I take off.