TheoA,
I have a Nacra 5.5 with 300 sqft chute. It is huge for the boat. I can't imagine a 350 sqft chute.
I agree it depends on the type of winds you will be using it in. I sail in a generally low wind area. My chute works fine in the lower winds. When the wind picks up, I have bad (oh - I forget the term...) steering. I have to push the tiller (vice pull) to keep my course because of all the sail up front pushing the boat down. I could adjust mast and rudder rake, but then it would be messed up for non spi sailing, which is 90% of my sailing.
Because the Nacra was not designed for the spi, I do not push it in the higher air. When the wind comes up and the I-20's start screeming down wind, my chute comes down. I would rather not be buying a new mast. But if you a serious racer, you might want to risk it.
If you get the 230 sqft but want to go bigger, I would trade my 300 sqft for a 230 if in good condition. If I had a smaller chute, I could use it in higher air.
As for the hooter... The concept appeals to me because (as a mostly recreational sailor) it looks easy to use. I would use it a lot more often then the spi (My wife does not like the chute). My biggest worry again is the strees on the boat. The hooter creates more stress. But I *think* Rick White says that is only if it is used up wind beyond a very light breeze. However, If you want to race it is a much smaller sail with the same rating hit, which is probably why it has not caught on as much. But I do belive Rick has raced it successfully, so who knows.