I currently have my scrolling Menu setup but am curious on how to go about implementing the icon animations. I have an idea how I want it setup which would be similar to the Monster Hunter item scrolling effect.
Example here
The only Unity asset I’ve heard of that can do fancy things with the GUI is NGUI. Not sure if it is capable of this? This seems more complex since the GUI is animating as it scrolls through and resizing each icon.
NGUI can do that pretty easy, I do not know about Unity GUI. If you go through basic tutorials with NGUI you will probably realize how to do this, but if you still need help I can help you. 
Oh, also, this video will help you with scrolling method: http://www.youtube.com/watch?v=GZy-uPm42T8
Very neat tutorial. I’m sure with some tweaking I can get the icons to wrap around within the box ( Would you know how to do this? ). I just need it for visual purposes since the scrolling selection system is already setup
I don’t understand what you mean with wrap around within the box. Sorry. 
If you watched the video I linked in my main post you see that it navigates through the icons and then wraps around to loop through the icons again if you go in one direction.
I think I know what you mean, like endless scrollview. There are few ways to do this, but it’s annoying. Easiest will be to create two Panel with same elements and move out of view panel to other side of cutoff when you are near the end/start of first Panel.
Example:
I make quick example using my menu, ignore names of items in panel. MAIN_PANEL will be your main panel that is not moving (purple box in screenshot). Anything outside of it the player will not see. Panel 1 and Panel 1 (COPY) will be like the video I show you, but the difference is that you move X coord of panels since you want to fake continous loop. In screenshot you can see that item1 is selected, so the Panel 1 (COPY) is moved on X to -455 and Panel 1 is moved to 380 on X. So, you switch panel sides when they are not in view, other than this everything on panels is the same. Script, etc.
I hope that is clear enough, if you don’t understand please tell me.
I will attempt to get it setup. Thanks a ton for writing out an explanation and taking a screenshot It’s easier for me to learn when I can visualize how things are setup. Will let you know if I get it working. Thanks again!
The below links show you how to create animated menu and a scrolling menu respectively
[mod edit: removed old links that are no longer valid]
These links, 9 years later now redirect to malicious/useless survey sites - please don’t click on them.
little bit late, but i created asset for this. You can pretty easily create scroll with design like on the video. https://assetstore.unity.com/packages/tools/gui/advanced-scroller-animated-269159