Need help with loop time/interrupt programming

What would be the best way to go about this?

you should read the blink without delay example that should help you

a quick dump of your list into code with functions that need to be elaborated.

unsigned long T1 = 20;
unsigned long T2 = 100;
long p = 0;

void loop()
{
  // 50 / sec items
  if (millis() - T1 > lastPressureTime)
  {
    lastPressureTime += T1;
    p += readPressure();
  }  
 
  // 10/sec items
  if (millis() - T2 > lastAverageTime)
  {
    lastAverageTime+= T1;
    pressure = p/5;
    p = 0; // reset 

    altitude = calcAltitude(pressure);
    writeEEprom(altitude);  // wears out if written too often ... consider an external eeprom that can be replaced)

    flag = checkLiftOffOccured();
    if ((altitude < highest && parachuteClosed() )  || (altitude >= presetAltitude))
    {
       doParachute();
    }
    highest = max(altitude, highest);
    if (touchDown())
    {
       exit();
    }
  }

this is incomplete code but it gives you an idea how it is done. The functions must be written still or can be replaced by the actual code .

Succes!