I'd have to defer to guys with more mountain flying experience than I, but I think it's not even really all that effective for that. I want to say that I read somewhere that you want a max G-load turn (somewhere around 70* bank for the 3.8 Gs a normal category aircraft can handle) at Va.
Sort of...
A chandelle is not really the right manuever in a canyon because you're starting the turn too fast. In a canyon you dont want to start the turn fast and bleed speed through it, you want to start the turn slow because turn rate and radius increase/decrease exponentially with speed. Further, if you're dealing with rising terrain, which is a common gotcha for canyons, you may want to climb through the turn with the power to spare, but doing it like a chandelle where you're ending up at Vmc with maybe a few hundred feet between you and the trees and rocks is probably not a great idea, especially when you're also possibly dealing with a high DA.
Best to slow down (quickly with a power and flap dump if needed), to say Vref (1.3Vs/Vso) in a light single, then a nice controlled 30-45 bank and you'll feel like you're kissing your own tail on the way around. If it's a big canyon you could do Va, but then you're really just doing a normal turn.
I wouldn't recommend a steeper turn in a canyon unless it's to keep from immediately hitting a wall in front of you because of the inherent loss of SA that's going to occur with an extreme attitude when there is no horizon to reference.
Mathematical turn radius:
30-degree bank
70kts (753') vs 90 kts (1,245') vs 110 kts (1,861')
45-degree bank
70 kts (435') vs 90 kts (719') vs 110 kts (1,074')