All looks good, except I'm a little confused.
So I assume the pack that you unhidenode for is the flag, and removing the parachute just gets rid of the chance that someone will mess up whether the pack is still on our not. Is this correct?
Also, I was told this when I was starting out with typing events. The format takes a bit longer to type, but it is more organized.
[0] [0] [x] [onactivate] [self] [setcolor] [red]
[1] [0] [x] [onactivate][client] [VCEifvar] [something] [>=] [1] [2 4]
The brackets make it look more contained and better focused. I provided two examples of how it should be written, this was not an addition to what you should add.