I don’t know why they are all ■■■■■■■ it. You wouldn’t have to simulate a real console.
If you have your heart set on UMG, you could create text blocks all over the place and thing of it as a tilebased map, changing the text on each one to match the “ascii tile” of your map, based on the current position. It’s pretty simple, actually.
The only reason I would suggest against it, is because a standard UE4 build is over 200mb. Not to mention the best things about UE4 are the lighting and physics. You wouldn’t use any of that.
I’d recommend just pure C++. Although if you wanted fancier stuff (graphically) you could use SFML or something