Embed icons in GUI text??

The game I’m making has a lot of on-screen text to explain what different character attacks do. I would like to replace certain keywords in the text with icons, similar to how emoticons work. For example, if “HP” is in the text, a heart would be drawn. I want the icons to be multicolored, so creating a special font won’t really work. Is this possible with Unity?

You can make a custom bitmap font. For example, with this old game that I did, the award thingies in the bottom-right are actually characters displayed with GUIText. (They’re also displayed in another context mixed with text, which is why I did it that way.) That only works with actual GUIText objects though, not OnGUI code, since OnGUI can’t use bitmap fonts, only TrueType fonts.