Previously, the scope of small satellite missions within the CubeSat category was confined to the Low Earth Orbit (LEO) realm. However, the successful deployment of the MarCO twin CubeSats to Mars in 2018 and subsequent 6U CubeSat missions that are part of the Artemis program signalled a shift towards broader planetary exploration using these cost-effective platforms. One of the primary challenges that need to be addressed is the cost of tracking these satellites. The most accurate and well tested method of tracking spacecraft beyond LEO is using radiometric observables that rely on existing ground based networks. This method is too expensive relative to the cost of a CubeSat itself. Purely autonomous techniques such as optical and inter-satellite links might not be accurate or reliable enough for sustained use. Therefore, it is worthwhile to investigate the performance and cost of combining both these techniques. The primary objective of this paper is to present mathematical models of tracking spacecraft and optimization strategies that are being developed by specifically considering the hardware limitations of CubeSats as part of an ongoing research project at Luleå University of Technology in preparation for upcoming beyond LEO nano satellite missions. Simulation results will be presented for various deep space targets such as lunar/cis-lunar space, NEA, Mars etc. A quantitative analysis of these simulation results will be done with the goal of determining the practicality of using these strategies based on the obtained accuracy and associated cost.