Umm, massive hack for just this particular case, but might you be able to make the glass polygons on the ring of that ship part of detail0, and then have all the opaque parts of the geometry (ring structure, window struts etc) as a rotating subobject? So the ring rotates but the glass stays in place?
You'd have to make sure the ring could not be destroyed mind you, or that would look really awkward.

As for the render sorting issue, it's even more complex than that! Assuming this is still the case in the engine, here's what can happen with transparency also, when the iceni is moved vertically from above to below the hatshepsut:



As you can see, the second pic is basically an optical illusion, only made possible by the FS2 rendering engine.

(I know it's done in Fred here, but it happens the same way in-game)