I own a Hobie 20 and added a chute to it. The boat is really not designed to handle a chute. I think it is a great boat but if you want a chute buy a Tiger, F18 or an I20. These boats were designed with the chute in mind. The boat is very fast with the chute it's just not very balanced.
I don't believe that cutting up the jib would work well on a self tacker. I would get a jib made for the tacker.
Mike Hill
H20 #791