There was a woman on the ROL forums who had made a rocket completely out of Lexan called the "Glass Slipper" (it's Sue somethingorother--I can't remember her last name). She said she had good luck with it, except she had problems with the fins cracking on the playa out west.
The Estes Phantom would pobably not be your best choice as it is real thin plastic. One good ejection would probably blow it to bits. On the other hand if you were to plug an A8, you might get away with it.
However, consider visually tracking a transparent model.
I have a phantom that I fly. It was modofied as follows: Replaced clear BT with BT-50 covered in chrome trim monokote, plugged NC with a balsa plug to keep ej gasses from clouding it. I also covered all of the engine mount bits with chrome monokote. It is nor all clear anymore, but looks really cool!