This looks like a good way if not only ensuring that things fall slowly, but also ensuring that they fall in the proper orientation. Gravity bombs typically use fins at the back for this purpose, but that makes them actually turn into the wind by pushing the back of the bomb in the direction of the wind. Smaller fins combined with some drag provided by such a parachute as this, could help gravity bombs be more resistant to winds, while ensuring that the fuse stays pointed down.