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Don't forget, the most dangerous part of flying is driving to the airport. While my local TV news will report the crash of a Cessna 150 in East Nowhere, Montana, they conveniently ignore that on average over 100 people die each day in car accidents in the US.
It may be apples to oranges, but still, in 40 years of being around WW1 aircraft and replicas, and almost 30 years of flying them, I can only think of one instance of structural failure (one fatality) and one story of a mid-air (no fatalities). Perhaps others know of more.
I personally wouldn't consider putting a ballistic chute in a WW1 replica because I consider the chance of needing it to be so small as to not be a consideration, not to mention weight, cost and etc.
I would say worry about what might happen-- 1: Pilot error and 2: Engine failure. How to avoid these is a long discussion, but those as I see it are the two main issues.
And I'm all for steel tube fuselages as more crashworthy, and one thing I'm sure of when I build stuff is to make sure I have good seat belt attach points, at a good point in the main aircraft structure, not attached to a seat or seat frame. And shoulder harness if possible. Your most likely accident scenario that isn't under your control is an engine out glide into trees or rough terrain.
I always tell my girlfriend that the day I die in an airplane, the next day I would've been hit by a bus. Keep it in perspective.
My 2 cents.
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