It would be difficult, but you could 'attach' GmodRects to 3d point(s) in space and convert it to 2d the same way my targeting system does.
Once that point was set, you could use any Rect material you wanted to do different things. I could see various 'materials' being created and drawn on a wall. One point for each material.
No where near as laggy as quads. (but, not in 3d space either, would only really look well when looking at a flat wall.)
Could adjust for size depending on distance away, to attempt to give a 3d look to it.
Use different materials, circle, angle, lines.
Sounds painful, but possible.
I'm going to have a LONG learning curve I think, but I'm really looking forward to what can be done on client end of GM10