There might be a way to program the LED to switch colors very fast along with the pulse setting, but It will not give you an opalescent effect. The blade will still be monochromatic for each unit of time.
I googled "holographic glitter tape". It might give you a similar effect to opals but I think it will cut down on the light transmission a lot, if not completely.
Maybe you could modify a
Star Shower but it would probably look like a disco saber.
A saber is supposed to be a plasma weapon. The blade is a self perpetuating force field that contains something equivalent to the material of the sun's corona or a bolt of lightning. The closest thing in the real world is a
plasma cutter. Ionized atoms give off light at specific frequencies based on the element (this is part of quantum mechanics) good examples are street lights (mercury or sodium vapor). The nature of a light saber blade precludes polychromatism.
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