I think rendered images would take a long time. I've been using blender for 5 years now, and making that many images/renders would take forever. I think it's a good idea to go with raytracing. I don't know much about it, I can program a little in C#, mainly just python, so I'm afraid I won't be much help. I'm a decent low-poly texture artist though. I can make a couple of them for you once/if you get to that stage.
-roz
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