Thirdperson reticle help

[smellylobster]

I'm planning on making a thirdperson reticle based on the original thirdperson reticle with the two lined-up circles for aiming.
You can see the video of it in action here http://www2.mythica.org/halo/old/btv.day3.halo.mov

Here's my approach to it.

I'm thinking I could just use the same tag as the green arrows floating above your team members' heads, since they have perspective to them (the further out they are, the smaller they get)

I could probably turn them into two circles, one in front of the other. The location would be constantly in front of MC right where he's aiming. Anyone agree?