Adam,
Fred Potts covered this in his guide to bush flying - and
while it is unfortunately out of print, large chunks of it are up on
his old web site, including this section on flying low and dropping
objects.You'll note that there's not much space spent on the actual
dropping, and a whole lot on the considerations when flying near the
earth in slow flight. I cannot recommend
strongly enough that you get a second person to be your bombardier! The
first and most important thing a pilot must focus on is flying
the plane - take someone up with you (especially someone young, if you
can find a willing passenger; kids love dropping flour bombs.)
http://fepco.com/BF.images.swing.low.html
I have been told the best ways are the paper bag with slits /
pillowcase and rope procedure mentioned above, or a long tube that will
get away from the slipstream entering the cabin and suck the ping pong
balls out. (This has been sucessfully used for ash dispersal, too.) I
didn't say it was easy or not clumsy, and I again strongly caution that
one person should be bombing while the pilot concentrates on flying the
airplane. Cessnas are infamous for a slipstream that sucks any items
that go out the window back into the cabin, around the back, and
forward onto the instrument panel.
It is not as easy to predict where a light object will go as you'd
expect; flour bombing, despite density, is a sport wherein the usual
saying is "Yep, the safest place to stand on the field is still the
target!" Try some practice runs. The smallest object I know sucessfully
dropped near-ish the target were plastic eggs loaded with easter candy,
and if I recall correctly, they were dumped one garbage bag at a time
out the (removed) door, with some concern about the garbage bag getting
loose and wrapping around the tail. Ping-pong balls are pretty light!
Also, no matter what the wind is doing, avoid flying directly over
your crowd. Better to have them have to run to the ping-pong balls than
to have them underneath if anything goes mechanically wrong. (Just like
airshow routines).