Awesome! got it all working.
Basically what I am trying to do with this is raycasting is replicate the functionality of the mouse pick events, but independent of the mouses position, rather what you are looking at through the camera (I suppose pretty standard for first person games)
So its all working great, but there's one final thing I am curious about, which is emulating the mouse hover. Right now I have it once the raycast sends an event that it raycasts a second time, which will send an event if it hits any other masks. This more or less works and is good enough for the prototype stage, but it does have two problems...
Firstly I can't have two of the same masks too close to each other, and secondly no event is called if the raycast hits nothing (ie: the skybox). Both have easy enough workarounds but I was curious if there was a more cleaner solution for recreating the mouse hover functionality.
But thanks heaps for the help, you've saved me a lot of time.