Ok, so I found a better solution than what I was using earlier so I will answer my own question (kinda) for others who are curious. This also works for people using the VR Template from the wiki.
–To make a good no lag crosshair–
Step 1 - Crosshair Blueprint: Create an actor blueprint. Add component “scene” and call it dummy. Add component “static mesh” or “billboard” (if its a texture) and call it something like “Crosshair”. Apply material, make visible, change transform, etc. Nothing is needed in construction or event graph.
Step 2 - Blueprint Integration: You have a choice now; you can implement the hud in your character blueprint, or a separate MyHUD blueprint (don’t forget to select the MyHUD bp in the game mode bp if you do). Now all you have to do is spawn the Crosshair blueprint with the “Begin Play” event node based on the “Get Player Camera Manager” node’s transform (but you add a forward vector offset so its in front of the camera), and then attach the Crosshair BP spawn to the camera manager. I have included a picture below of the implementation.
Edit: You will have to alter the distance from camera and Z axis vector offset depending on your HMD offset. Where as I used 40 in the distance multiplier and 0 for the Z axis offset for normal first person, I had to use 80 and 13 to adjust the hud for the HMD settings I had. If you still don’t see your HUD components, make sure they are big enough, far enough away from the camera, and rotated correctly.
Hope this is useful for someone,
EDIT: Added Dynamic Crosshair Example for those interested in VR, or have clipping issues (see image below). Due to the image size cap, I cannot include the in-game appearance screenshot. See one of my comments below for the in-game result.
