The thing I've been trying to make creates its 3D effect by displaying a whole different view in every direction, which means it can handle occlusion and fancy lighting at the cost of vertical parallax.
To turn that setup into a swept volume (where it's lighting up the LEDs according to where they are in space - full 3D, but glowy and transparent) I keep everything but the collimators, and just render each view with the near & far clip planes set really close together.