I'm not an expert, but here is some ideas:
If you neglect both gravity and air resistance then the final speed of the rocket will be determined by formula:
v=v0*Exp(M/m),
where v0 is the speed of exahaust gases, M is the starting mass and m is the final mass of the rocket. This formula follows from conservation of momentum.
The assumption was that the difference between masses M-m equals the mass of the fuel (single stage rocket).
You want to maximize v0 and the quotient M/m to get the greatest speed.
***I'm not sure if propulsion for model rockets needs air to work. In this case the calculation of the final speed is a bit different, since the mass of the exhaust gas is not equal to the change of rocket mass.