1) I think so.The lightest weight ring to give stable flight and maximize apogee.
To that end:
- Is a bigger diameter with a shorter length more efficient than less diameter and longer?
- How thin can the ring be and still handle flight stresses?
- Use support spokes instead of support fins?
- Should the ring be an airfoil shape?
2) IMHO, 0.020" with only 3 support fins is bordering on, or past, being too flexible.
3) Yes, but only if the spokes were airfoil (teardrop) sections. It could take two spokes to replace one fin. Difficulty of construction and performance degradation caused by quality control/dimensional variation is an issue. IMHO, coaxial alignment perfection between the ring and the tube is of great importance.
4) Yes, but how? A rudimentary Clark Y profile could be achieved by layering 2 or more plies of sheet PETG. IMHO, when flowing air between two surfaces, such as between a ring and a tube, at least one of the surfaces should not be flat and parallel; a venturi profile would be desirable.