Steve. The Matchbox model would, I feel, convert adequately into a surface runner. It is big enough to provide space for the gear (but would still be a bit fiddly) and filled with foam it would have the required buoyancy.
You could consider doing a vacform hull. In this instance, I would imagine three parts would do, making the "tool" from Styrofoam and having a very thin styrene outer shell. The foam would stay in place and you simply carve out the space you need to suit.
A bottom half, top half and cabin might do, and you may even go as far as having a ratemaster vacformed from clear styrene… It would not by crystal clear but that would be ok. Fins and so on could be added separately. Two baulks of foam could be secured together and the whole thing carved to shape, separated and you would have your moulds.
A non diving model does not need to follow the underwater profile as exactly as might be the case, and supposedly the Stingray was very fast above water, and this would demand a different underwater hull shape than exists. Similarly the ratemaster needs to be powerful…. A point to consider is that you need much less power to go fast underwater than you do above the water (to a point)… a "decks awash" Stingray could be made to go fairly nippily but keeping it submerged at speed with that shape would be a challenge.
You could consider simplifying the shape a bit. The various toys (Matchbox, for instance) are much more dumpy than the TV series one, which is quite thin.
I think the ratemaster unit has to look the part for a good Stingray: Could be made by turning a lump of Acrylic and polishing after. It has to rotate when the craft is in motion (and I have thought of that ). Realistically the unit has to be mostly submerged, tricky when the slim original has the unit on the centreline….a case there for dickering with the model to get the unit where it should be.
Does depend on why you want to build one I suppose….something "for the look" on the water could obviously be made much easier than a pukka scale model. See some of my boats for dickering with dimensions in order to achieve fuss-free radio control!
Ashley