Well for an overview, the fact there is any unread PMs is part of the $vbulletin array and therefore accessible on every singe page of vBulletin without any custom queries or coding needed.
On the other hand to see if there are any unread PMs from specific users would require coding a "global" plugin (on that runs on every page) that requires at least one query of the database return the userids of all unread PMs in the user's PM Storage, and then decide to show a message or not depending on if any of the userids returned match a list of userids stored in settings.
It isn't very difficult work but a lot more involved relatively then the simple 1 line more or less in the current mod:
if ($vbulletin->userinfo['pmunread'] > 0) that does the majority of the work.
So it's something I might get to if I find myself bored with a couple hours to spare- but it's been a while since I've been bored like that.
If anyone else wants to try, feel free to release your own version with this option.