I think that could have made things clearer for the player and wouldn't have been too hard to implement off of a similar mechanic I setup for the portal tracking off screen. There would need to be some sort of priority system for proximity to or current quest you're on to keep only a few arrows or pointers on screen and not overwhelm the player.
I would personally want to keep things subtler but that comes down to better level layout and world building on my part. I definitely got a bit slapdash at the end as the deadline started looming.