Eagler,
Those parachute thingys are pretty safe, and I would suggest the trike gear.  However, as my 650+ hours in ultralights recall, you will get bored within 2 months of not having the ability of to go anywhere, as they are slow.  Find an old Eipper MXL(or a new one if you can afford it) with a Rotax engine, give the plane an extensive inspection with someone who knows ultralights, then the sky's the limit.  A couple of my friends from Illinois flew them to Lakeland(EAA) and back to Illinois with no problems.  The Eipper MXL has a double-surfaced wing with ailerons, and rudder pedals, and can be flown in very high winds, and is fast for an ultralight.  I suggest a recreational pilots license or extensive training before flight as you will need to know the FAR's to be safe(r).   The most fun I have ever had flying aircraft on a budget, was an ultralight, except for aerobatics, and that cost was just too high(Citabria and Decathalon).   Of course flying is like drugs, and at the time, I was hooked.  I can show you my divorce papers...yes my name is Thorns, I am an ex-airplane addict  
 
 Thorns