Doing our own rendering means that the answer to perhaps every “can we do X” question is YES. But, it’s always just a matter of time. My hope was the system I designed was flexible enough that it’ll be very easy for anybody with modest C++ skills to do some cool stuff in their projects.
Specific to your question, I did create a utility you can use on an audio component to get a BP delegate function on audio playback. This is actually available in the old audio engine but isn’t gauranteed to be accurate on all platforms (only PC) since every platform handles getting this information differently. This is a perfect example of why the old audio engine was such a pain – any feature I make that has any dependency on platforms (which this one does), would have to be done again and again for every platform OR just not work the same on every platform (like I did for this). But this feature does work in the new audio renderer which means it will work for all platforms (eventually when those platform backends are written, which again, is planned for 4.16).
However, in a more general sense – if getting a BP delegate callback isn’t enough and you want ultra-sample accurate timing, you’ll be able to make your own “source effect” in the audio engine, which gives you access to any source’s audio stream. Then you can count the samples and do whatever timing you need. The power will be in your hands!
So you can technically do this now if you know C++ and can write some code in your project. There’s nothing which prevents you from creating your own USoundWave from scratch and feeding it arbitrary audio you personally load from disk. I could make some utilities to allow you to do this more easily in the new synthesis plugin I’m writing and I just might do it. But in general this goes against the UE4 way of asset management and causes potential issues with serialization, etc. It’d be a risky feature that might expose us to more tech-support debt than I’d like.
As for MP3 support, we still don’t support MP3 playback though the legal restrictions are ending at the end of this year I believe so maybe we’ll be able to get MP3 support soon.