I had a quick play with using stencils in Blender. It's a bit fiddly due to the UV distortion, but with a bit of trial and error I think you could get it pretty close. It might be easier to do the arrow head and the line as two separate stencils.
Here's a video that covers the basics of using stencils - https://www.youtube.com/watch?v=urUdMbO4E2c&t=155s
Edit: OK, I played around with it some more. Try these on for size:
Game-ready textures, source masks, and Blender file attached: Malak Airbender_Source.7z
I want to report a bug: in the Sandral-Matale Feud quest, the final conversation in the yard breaks off prematurely because of missing dialogue nodes. If I uninstall the dialog.tlk from this mod, I can finish the quest normally.
https://www.imagebam.com/view/MEHW45Q
It happens after the phrase "Ahlan Matale: I don't want to hear any of your excuses! Now I will get revenge for your transgressions!"
I'm using only the Community Patch and Green Grass for Dantooine mod in addition to widescreen fixes/remastered icons, but this glitch occurs even on an unmodded game. It's impossible to complete the Sandral-Matale quest with the current version of this mod (1.1).