Chute vent is a good choice, a lot of pilots carry hydrogen instead. So if you're more likely to be able to slip under them and get away. Although with their balloons popped or at the very least damaged, hydrogen might work out better in a lot of situations. With a damaged balloon, they have a harder time of following your ship up and down anyways. You don't really need drogue chute unless they're going to be popping your balloon a lot. When using chute vent, just tap it once; the effect continues about 3 seconds after you stop using it.
After using your chute vent or hydro, follow up with some tar or kerosene. As a lumberfish, you usually don't have to turn as fast, so you might be able to bring both the tar and kerosene. Most pilots tend to bring the phoenix claw for those hard turns.
For side guns, having a flare is good, but you might want something in the other slot to use for when the enemy gets too close. A flamethrower, carronade, minelauncher, or something like that could help.
Finally for the gunner, try to get them used to firing lochnagar rounds. A single loch shot from the lumberjack will pop a balloon, and the loch ammo reduces the arming time significantly. So when they start charging, pop that into their balloon and use that time to re-position yourself.