I am using the following cvars so far and it does everything except hide the damage indicator, almost like it's being printed to the screen during game-time as part of the scene and not a text overlay (may have just answered my question there).
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sv_cheats 1
hidehud 4
cl_drawhud 0
cam_command 1
cam_idealdist 150
hide_message_panel 1
p.s hidehud 4 *should* be hiding this, but obviously it is not.