Target Indicator System on World Space Canvas - Possible?

Been going around and around on this for the last few days with little resources out there. Tons of Target Indicators/Off-Screen Target Indicator systems for the normal screen space overlay canvas systems. Is it not possible to translate this to a world space canvas to do the same thing?

 

I dunno. What have you tried? What has happened? It's just a few settings to try it, probably less time than to post this, and you are probably the single most capable and motivated person on the planet to try it!