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I think that it would make the game better if all the people who are 'locked on' to you show up with a green square around them.  It would make it easier to tell when a newbie is shooting arrows at you simply to raise their skill.  It would help identify an attacker, it would even make it more realistic, as in real life, you could probably tell the difference between someone mining and someone pointing a bow or sword at you.  See what you think.

Good call, I think that this is a great idea.

i have a better one but i do not know if it is feasable yet,
Be able to see arrows and bolts flying through the air, that way its realistic AND there is no fake looking square , AND more people can see if someone is really attacking you or if you are lying

I think may be a little unfair to those who locked on but are not attacking yet though, such as a mage with a wand. It also kinda gives away the fact that the mage is equiped with a wand when you still don't know what everyone else is equiped with.

How does it imply that you have a wand not a bow or sword?  I think it would help but...

i think the general idea is good, but there are some small problems that need to be worked out(e.i. the above posts)