The tapered wing that you describe is like an irregular octagon. You could write a short program that finds the "best fit" octagon for an ideal elliptical planform, maybe keeping the total area and the span constant for both planforms. This would give you the "best fit" root chord, tip chord, and spanwise break point, where you go from the retangular portion to the tapered portion.
Exactly what "best fit" means in this case might be up for debate, but you could loop through all sensible octagons, and pick the one that has a minimum of area where it overlaps the ellipse, or where the ellipse overlaps the octagon, i.e. where the common area of the octagon and the ellipse is maximised. Hope I've managed to state that clearly, a sketch would be better!
Assuming spanwise and chordwise axes of symmetry would mean that you would have to analyse only one quadrant.
I'm sure that the "best fit" octagon could also be found analytically, too.
Besides washout/twist that you also mention, you could additionally consider changing the airfoil section with spanwise position to get an acceptable lift distribution.
Then of course, there is the complication of fuselage and nacelle (if present) effects...
FastMouse