Skydiver gets ready for 23 mile jump

He'll actually slow down as he descends into the thicker atmosphere.

Doesn't terminal velocity mainly revolve around the principle of a lack of further acceleration?

By the time his chute deploys, he'll be going no faster than if he'd jumped from an airplane.

What if he sticks his arm out or doesn't? either from a plane at 20,000 or from a balloon at 120,000? what if he sticks both arms out in an las vegas elvis suit?