that kinda thing has nothing to do with rtt. thats merely taking a texture and drawing it on top of the scene. you dont need to create a texture on the fly for that. you would just need to create a large high resolution texture, with alpha, and scale it to fit the screen and (in freespace context) draw it right before the hud gets drawn. obviously when you do this, its hard to make a texture that works well for all available resolutions and aspect ratios, and it may get stretched in an undesired or ugly way (such as getting warped or blockey). you can get around this a few ways, make a few textures and use the one that closest matches your res and/or aspect ratio, you can apply a blur shader or other to it, you can also do both.
a lot of people seem to misunderstand what rtt is for. rtt is used when you need to do one of these:
render the scene to a texture for use on a model in the game (like a gun/missile/turret camera display on a panel, or a security camera monitor in an fps game).
make the content of a texture interactive (like the control panels in doom3)
simple procedural animations based on events in the game (like radar and other cockpit panel elements, or hud glass)
of course this doesnt mean you cant find some other uses for it. however render to texture is a very expensive operation and should be avoided if there is a better method for doing something.