Bake a Light Function Material onto mesh as a texture?

Hey hey!
I am experimenting with a tool that allows me to project a painted image onto a scene, faking texture.
To do this, I have 3 spot lights set to Red, Green, and Blue channels to accurately project my image into the scene.
The ideal next step, would be that I could then bake out this projection as a material, since having multiple spotlights in my scene is not efficient.

Would anyone have any ideas or experience doing something like this?
Is it even possible?
I am in UE 5.4, which has some new mesh editing tools, but there was nothing in that area that seemed to be what I was looking for.