Stylized border around TextMesh

Hey All. I'm new to Unity and am re-familiarizing myself with C#. I guess this is a 'What's the best Unity approach?" sort of question.

I'm working toward a 3D point/click (FPS without the 'S') type of interface. I'd like certain objects (signs, documents, photos, etc) to offer the player an option to expand a 2D "window" in 3D space for closer inspection without restricting player movement (as opposed to locking player controls, displaying an overlay then requiring a click to exit the "inspection").

I currently have a script that will create a new 3D Text (TextMesh) object, display some text (and wrap it at a specified width) then LookAt the player as he/she moves about (see 1st image below). This behavior seems to work pretty well.

Working: creates TextMesh and looks-at/follows main camera

However, I'd like to surround the text/content with a border and semi-transparent background that will size to its contents to set it apart from other world objects.

Faked: Stylized border with semi-transparent background

I've done quite a few searches for something similar but my terms always seem too similar to other Unity subjects. I apologize if this has already been addressed.

Any advice on best practice or even a point in the right direction is appreciated. Thanks!

'Thank You!' to everyone here at answers.Unity3d. Your answers are all over my project :)