Negative, the reason it can be built with off the shelf components is because of some recent things for the robot crowd that have been released. My method doesn't use IR, it uses contrast, so if you can SEE the plane, then it can guide itself to it.
The CMUCam2 can track an object and control servos to keep itself pointed at the target:
http://www-2.cs.cmu.edu/~cmucam2/The only thing missing from the CMUCam as sold is proportional steering, and THAT could be done using a cheap PIC based microprocessor getting targetting data from the CMUCam.
IR noise isn't terribly important when you're doing visual tracking. If it is, then you can leverage existing polarizing filters. Visual tracking Sidewinders have been demonstrated, and the AIM-9X uses a combination of IR and visual tracking for effectiveness in bad weather, night, etc. Since this only needs to work during the day, visual only is fine.
Saying that it just can't be done is a bit shortsighted.
BTW, using R/C servos for rocket control is not new, plenty of sunseekers already do it, so no gyros needed. If you wanted to improve effectiveness, you add a $50 piezo gyro platform and feed the control data through a PIC microprocessor. Still less then $250 in parts.