Lots of possibilities. It could be made into a lot of kites, or a parasail.
A lot depends on the quality of the fabric. If this is really a 1958 parachute, the fabric could be degraded. I suggest doing the thumb test on it.
If you can force your thumb through the fabric it is shot, and would never hold together well enough to make a kite. Even if it passes, more rigorous
testing should be done.
NASA designed and tested parawings as an alternative to parachutes for space capsule returns. They never made it into space, but decades later
hobbyists figured out how to make them into kites, now called NPW's. They are fairly easy to make and it seems you would have all the material you
would ever need. To be honest, however, it would probably take a lot of work to make it work, as the gores already have been sewn into a canopy shape
and would have to be disassembled and new panels sewn together. Might be cheaper and a lot safer to just buy some ripstop. The link below gives
plans to build NPW's.
I don't know much about parasails, but they do seem to be normal canopy's with part of a gore removed, and maybe some other modifications.
https://www.kiteplans.org/cat_3/sub_34/
Anyway - erratic winds is probably right........a prop for movie is probably the best bet.
NPW Test Pilot -US99