In fact, if you are not super-finishing the rocket, the parasite drag will probably be so much more than the induced drag that you will never see a benefit of the elliptical planform.
This is so true, and so many of us have a cockeyed, over-inflated opinion of our own finishing skills and our ability to achieve a "super" surface finish. My wise-crack about being able to see yourself reflected on the surface is actually not far off the mark. You should also be able to drag your fingernail down the length of the rocket without being able to detect (eyes closed) the joint between the NC and BT.
For extreme competition flying, you leave off the launch lug and use a tower to guide the rocket's first four or five feet. You feather the aft end of the body tube down to (or close to) zero thickness where it wraps around the aft end of the motor.
You do all this crazy cr$p and you might get another five or ten feet of altitude out of your rocket (OK, maybe 20 feet).