I realize that nobody knows me here, so I expect some disagreement with the following:
First, below the velocity at which we encounter compressability (~500 mph at Bonneville) the following factors, in order, are the source of drag of LSR vehicles that I have seen:
1. Separation
2. Wetted area
3. Laminar flow percentage
Separation is easy to spot once someone has made the conceptual leap that it exists. Look at any vehicle from the back and throw water at it. If it hits anything but a highly swept surface, there is separation. There are other sources, namely abrupt pressure recovery areas. We have to have wheels, but the treatment of the rear face of the tires is the largest source of curable separation. Second is the aft bumper - chute area. The rule: aft facing blunt areas are the largest drag contributor. This is well understood in aerospace, but only the best LSR vehicles have covered their parachutes with proper fairings. Stagnation (another form of separated flow) occurs on all of those forward facing abrupt transitions, like canopies. Make the canopy part of the aerodynamic shape of the vehicle, not an add-on.
Wetted area is next. Size matters, smaller is better. This begs the question that the original poster had of fineness ratio (length over cross section). The lowest drag form with no protuberences (wheels) has a fineness ratio of about 2.5 (a football). A 2.5 body has drag of less than 20% of a vehicle with a fineness ratio of 9 (typical LSR) with identical volume. Some of that comes from more laminar percentage, most of it from a reduction in wetted area. As a consequence, a low fineness ratio vehicle with more frontal area and less wetted area will have less drag than a high fineness ratio vehicle with more wetted area. The low fineness ratio will also allow more volume for less drag. Frontal area has no, repeat no, direct relation to drag.
Read that twice.
The relation of "frontal area" to drag died in aerospace science about 46 years ago with the Navy's towed mine detector experiments.
Finally, laminar run can reduce drag by significant amounts. It requires a positive pressure gradient to the transition point and TOTAL smoothness. Canopy joints, wheels, pesky access panels (no matter how well sealed) trip the boundary layer to turbulent. For LSR, it's far easier to fix the separation and the fineness ratio.
Bottom line, minimizing separation, minimum wetted area, and a fineness ratio of 4 to 5 should yield the lowest drag. If a tail is needed for stability, put it on a boom like a proper tail and leave the body fineness ratio blunt. Supersonic has a completely different set of rules.