It depends on how fussy you want to get, and which shape you want to reproduce as to what constitutes a "proper downscale". There are two main Alpha nose cone shapes. The first is the original balsa BNC-50K, which was used from the Alpha's debut in late 1965 through about 1982. That shape which was reproduced pretty faithfully in the first blow-molded nose cone used in Alpha kits (and other Estes kits) circa 1982-1989.
The other shape is the noticeably "pointier" blow molded nose cone that was in Alpha kits starting ~1992 and which continues to the present time.
In between (circa 1989-1992) you could get either shape in blow-molded plastic OR get the injection molded nose cone from Alpha III in an Alpha kit. And thereby hangs a tale that I'd love to know, though I have some speculations.
Anyway, for BT-20, the BC-719 Semroc nose cone at eRockets.biz would be pretty close to the earlier (1965-1989) shape though it's a little too pointy and being for ST-7 tubing would have a shoulder that's a bit proud when used on BT-20 tubing. Another option would be BNC20G3, but that's a touch too long. For BT-5, either the BNC-5E or the BC-512 would be fairly close.
I don't know of any plastic substitutes — there's nothing in the currently-available Estes nose cone assortments that are even close. I don't have the inclination at the moment to look at other vendors for plastic options right at the moment. I also haven't looked at BMS's listings. His "BNC-50K" is really much closer to the shape of the PNC-50K (the Alpha III nose cone), but I don't know about smaller tangent ogives he carries.
Happy hunting.