Hey ZeoZen,
You are on the right track, it is just a matter of what show flags to enable or disable, as well as setting up the view distance correctly.
Use the images below as a guideline for setting up the process on your own end, and let me know if you have any questions. I have highlighted the areas of importance.
Scene Capture 2D Setup
Character Render Texture
UMG - Character Image
As I said, let me know if you have questions about this set up and I will be glad to help 
Thank you,