What is "a lot"? Each 3D shape is, what, 12 triangles? 1000 objects would be 12000 triangles. I remember a time when that was a lot, a whole pizza cost a nickel and MTV played music. I don't think you're going to create enough cubes and prisms to cause any trouble.
The sprite can certainly handle the ring around the player and you can even use it for the entire shadow shape, though I think it's less efficient for the hard lines, but it won't be able to account for other objects. Or am I not understanding; do you want other objects to obscure your line of sight?