Micro is on the right track. I would use my Apogee SR72 as a jumping off point. It's scaled down compared to the Estes version and MUCH lighter, but the basic shape is the same and it glides pretty well. Pop pod and elastic/rubber band activated elevons. I'd replace the the plastic intake and nozzle altogether and replace them with a cone and shroud made from 65# cardstock. Removing excess weight from the plastic nose cone may prove challenging, but perhaps careful use of a dremel inside the cone might help things along. Pop pod design really is the way to go, but keep in mind, it's gonna be a tight fit packing a chute between the BT20 engine pod and the BT50. However, the Estes Scissor Wing makes use of those tube sizes, so it's not impossible the pack the recovery parts, just requires some patience and "holding your tongue right", as my Dad used to say.
Hard to say if this will actually work for you, but I'll be interested to find out. Keep us posted.