i have actually been working on a lightsaber of my own in a starwars mod maybe i could help
what you want is a hilt model with many saber blade meshes on the top that are semi transparent. the top of the model would look like this
the red is your saber blade mesh which would be transparent and the green would be your blade while the blue is the hilt.

you would make the blade transparent by making a shader
here is the shader command you would use.
{
qer_editorimage models/weapons2/saber/saberblade.tga
cull disable
{
map models/weapons2/saber/saberblade.tga
blendfunc add
rgbGen wave sin 0.3 0.1 0 0.1
}
}
this will also make the texture pulsate which is a nice effect on a lightsaber
here is what your finished product would look like
