In summary, a "teardrop" shaped full bore projectile would perform well, but clearly not as well as a
saboted dart.
In this regard, Fnord's suggestion of using tungsten electrodes is a good one, as they are about as dense as you can get and
not too expensive, however a simple rod with fins added would be simply too good a penetrator and likely bury itself completely in the ground, especially if it hits soft sand, and as such would be impossible to locate. A beacon could not fit aerodynamically either, so some sort of compromise is needed.
I'm thinking of something like the diagram attached, as to tracking beacons there are resources to
make your own (assuming the light/acoustic beacon is unsuitable) and a GPS tracker (requiring a SIM card but nothing else) can be
purchased for less than $75 though it would be a little bulky. Good instructable article for a radio beacon
here.
I would advocate full bore fins, each with two contact points in the barrel to ensure stability without too much friction, because it would allow the sabot to be a simple cylinder that doesn't need to be too elaborate.
The beacon would be placed between layers of foam or any similar damping material to reduce the shock of firing and impact.