Recently came across this problem again, so I'd like to post another answer (2 answers actually).
I figured out how to create an "exact" pentagram (no approximations) using only swivel plates and turntables (blue in the picture):

The math very shortly: cos(Pi/5) = (1+sqrt(5))/4 and sqrt(5) can be created with a (2,sqrt(5),3) righthanded triangle.
I posted this in the FB group "LEGO math and patterns", one of the group members mentioned a paper "Mecanno math" by Gerard ’t Hooft which can be found here, which has several elegant solutions, e.g. figure 7 in the paper lists 6 solutions:

It should be straightforward how the Meccano strips can be replaced by Technic liftarms (as the original poster asked).
Another response I got in another FB group is that this constructions works quite well:

I tried it and they are correct, the pentagon is rigid and the elements do not seem under undue stress.
