That's actually kinda neat. The lowrider and extreme camber crowds will see the utility. Lay frame.
This is quite literally the proverbial 'blue smoke and mirrors', but what it puts me in mind of is polarized light. If you have a material that varies in thickness between two polarizing filters at an angle to each other white light gets bent into various colors. Water might work better than air. Even if the wavelength only varies by a few angstroms a high resolution capture with false color imaging should allow you to view a run from some narrow angle.
Circular water tunnel and orbiting polarizer. Filters displaceable in the longitudinal direction for 3/4 front and rear views.