There is paratroop add-on that can be added to the config file that when you hit the I key for smoke a paratrooper and or cargo is dropped out the plane.   Not the greatest detail but it works for the effect.

Just have to search for:
FS2004/FSX Cargo Drop / Parachute drop addon on Simviation.
SAAF Cargo Drop/Parachute Addon/Effect V1.0 Fs9 (Fs2004) and FSX


Don