Nah, no need for anything complicated, if you click on the component it has a setting called “Space”, if you set it to Screen then it will always face the player (and be a consistent size)
I thought it was screenspace by default but I guess not. Note the description: It can’t be occluded. So if you have a really big radius you might be able to see it through walls, if that isn’t what you need then you might have to run a trace to the player or camera (I’d use a timer rather than tick) to turn it off, not sure of a better way to do it.
Edit: Just thought of a couple other ways you could do this, one would be to use a billboard component that you turn off and on. This won’t be a consistent size but it will occlude without having to trace. Another similar option would be to use a Plane mesh component with a billboard material on it, same idea, but doing the camera facing logic in the vertex shader is dirt cheap.
I still think the widget component is probably the best approach, but if you need occlusion and can’t afford to trace that would be a good alternative.