Agreed, that should do it.
In case it’s useful, I just helped answer a similar question where I showed some examples of how you’d set up a widget that points at an off-screen actor and stays constrained along the edge of the screen. You could easily adjust the idea to keep the widget closer to the screen center, if desired, and to include an icon along with the arrow as Tuerer described.
Here’s the other question with related information. (Scroll down toward the bottom to find the UMG-related stuff.) Hope it helps.