I googled it. Bill Stine came up with this idea in 1974. He calls it “Standard Altitude Marker”. I must have read about it somewhere. Anyway, a 3 gram weight on a plastic streamer 12 inches by 1 inch and .0001 thick should fall at about 18 feet per second (I guess Bill blew off the acceleration phase too).Slightly off topic, but I used to have a homemade streamer (fairly small) that had a penny taped to one end to weight it. The “penny streamer” was placed in the model rocket tube, rocket got launched, and penny streamer got ejected. We then timed how long it took for the penny streamer to hit the ground. The speed at which it was falling times the amount of time to hit the ground = rough altitude at ejection. If time of ejection was close to time of apogee, then we could get a rough idea of how high the rocket went. The only reason for the streamer was so you could see it. The penny by itself would be a better object to use.
What I can’t remember is the speed we used for the rate at which the penny streamer fell. I think we assumed that it accelerated to “terminal velocity” fairly quickly, so we ignored the acceleration phase? I can’t remember.
http://www.hobbizine.com/rocketaltitude.html