I don't need no stinking title!
Another vote for a PIC based microprocessor approach here, there are quite a few different projects offered online you can base a design on, (such as http://www.gedanken.demon.co.uk/gps-sd-logger, built myself a nifty little cycle computer based on this), which are incredibly small and light and offer the opportunity to continuously log the flight to a SD card.
Also a PIC would allow a number of different 'height measurement' & 'release mechanisms' to be incorporated simply (GPS & pressure sensor for measurement, smart wire or micromotor for release).
And as Nebulo suggests, get a hobbyist to solder it all together so they can use 'proper' solder!!
(And if you want to load up a frikin' laser beam I can recommend a certain TAT market...)
hahahahahahHaHaHaHAHAHAHAHA!!!!!
Biting the hand that feeds IT
