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I'd suggest to use a raspberry pi with the piNoir Camera and an infrared laser pointer. If you want to see the laser on your projected targets, you want to use a different wavelength for the target images and for your laser, otherwise it will be hard to detect a red point on a red target if you don't use very different intensities.
The Camera has no IR filter, so you should be able to see your laser point rather well, you could even add a new filter for the visible light to make the processing even simpler. The RPi should be fast enough to process the images and you have a nice package of camera and processor that only outputs your laser position after calibration.
http://www.adafruit.com/products/1567
