NMAC BTWN A SMA TRANSITIONING CLASS D AIRSPACE AND A SMA TOWING A BANNER.

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WX WAS HAZY WITH VISIBILITY RANGING FROM 2-4 MI. HAD EXECUTED A 180 DEG TURN ABOUT 7 MI S OF WAUKEGAN BECAUSE FLT VISIBILITY DROPPED TO 0 MI (QUICKLY AND SUDDENLY BECAME IMC). NOTICED CLOUDS HAD CLOSED IN BEHIND ME. NOW HEADED S ALONG LAKESHORE OF N CHICAGO. CALLED CGX FOR CLRNC TO TRANSIT CLASS D AND HEAD TOWARD MDW. INITIALLY; WHILE GOING N; CGX STATED BANNER TOW WERE IN AREA. ON RETURN TRIP S; DID NOT HEAR ANY MENTION OF BANNER TOWS (DON'T KNOW IF CGX CTLRS GAVE WARNING OR NOT). WITH LOWERED VISIBILITY; DID NOT SEE BANNER TOWING PLANE UNTIL BANNER PASSED BELOW ME ABOUT 300 FT. BANNER TOW ASKED CGX IF NOTIFICATION HAD BEEN ISSUED ABOUT BANNER TOW. CGX ASKED IF I HAD SEEN BANNER. 5 MI VISIBILITY OR LESS IS NOT MUCH WHEN CLOSING ON AN OBJECT AT ALMOST 300 MPH. 2 CLASSIC SITS HERE: HIGH-WING BELOW; LOW WING ABOVE; AND APCHING OBJECT GETTING LARGER IN SIZE BUT NOT MOVING ACROSS VISION. UNDER TODAY'S RULES; I CAN NOT THINK OF ANY REMEDY BESIDES INCREASED VIGILANCE. PERHAPS DISTINCTIVE LIGHTING (SUCH AS THE PULSAR SYS) WOULD HELP FOR TOWING PLANES.