Drawing texture/cursor on top of a character.

Unity Engine
1

Is there a simple way to draw a texture (acting like a cursor) over a character in 3D (not a side-scroller)? I’m aiming for an affect similar to the Sims (but my game is nothing like the Sims - it’s basically a first person shooter/adventure game):

What i’m aiming for is similar to this:

2

I think you can determine the position of you game object on the screen by the method Camera.WorldToScreenPoint, then draw a GUITexture at approriate position on screen.