Okay, I really feel the HUD is currently taking up way too much space. It feels so huge and it's REALLY distracting. It ends up taking a big 1/6th of the screen and isn't subtle enough to phase out so my eyes just draw to it. The big ugly black borders really add to this issue.
I'm also not fond of the icons for each item; they don't look like they share any connection spritewise, as they all look like you ripped them from different games. The Bobbin used for the score has too few shades of white used and the shine on the red is too close to the white of the rest of it, the clock is really simple compared to the other items and sticks out the most, and the Ring could really use some kind of outline or something because it just doesen't look good when it's in a static pose placed right on the screen with nothing behind it.
And as for the life counter, it's also inconsistent with the above HUD items. Why does the character head get a white outline but not the ring? Why is the X so thin? And if you were going to give big ugly black borders around the items, why didn't the life icon have it anyway? Not event he text for the character name is consistent with the HUD text!
I'm also not too fond of the use of Time Stones over the Chaos Emeralds. Whenever I look at them, I just think Time Stones. It's really obvious to anyone that finished a Sonic CD special stage and, again, looks out of place. It's appearance doesn't really seem to mesh well with SRB2's art style or even your other graphics. And why does the emerald shard almost look like a whole emerald? It's supposed to be a shard of a BROKEN jewel.
I honestly much prefered
this HUD over the current one. It abused the gradients to shit and I really hate that, and I prefer the S3&K Bobbin you're using over the S1 Bobbin used here, but I like how the border also circled the item and how much nicer the timer and ring looked, and that because it was silver/red bordered with black, it was easy to see in both light and dark areas where the hud started and ended. The lives counter remained unchanged and that pretty much remained unchanged forever, and maybe the Chaotix text is overdone and REALLY doesn't look good gradient, but I still prefer it over what you're going for now.