you're in college??
how?!
sure, make the thing you want to billboard assigned to a joint. This joint is to be specifically for the billboard.
Then when you export, in the mdl add:
Billboarded,
under Parent ## in the joints section.
Like say your joint is Head
Find: Bone "Head" {
Parent ## // "blah"
Billboarded,
GeosetID
etc.