dynamic GUI Texture.. clipping and rotation HUD

Hi guys,

im trying to create a dynamic GUI texture similar to the picture uploaded. it responds to the helicopter angle(z rotation) in world space and updates on screen.

to see how it behaves in realtime watch this video link text

how would i go about this? with culling mask? gui texture?

I think the best way would be to create this like normal object, which will be in front of camera.