Is there a way to get rid of HUD display like: Low ammo, ect and to change weapons icon to a dot?

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 Nope... And it was a really silly blunder / oversight by Reb' -- to not include a customisable HUD.

I know ZA leans more towards the "arcade-y" skew of these shooter franchises... However, that does not mean that players should be forced to endure an obtrusive HUD for their trouble.