This should be possible in the manner in which you’re thinking. I have never played with it, but in a base blueprint you could give it any variables you want (An ID variable per say) and make it so that blue players receiving that ID set its render visibility to false and vice versa for the other side.
It might be a little more complicated than I am typing in words, but it should be entirely possible. I guess I would say this is how I would give forcefield like effects the ability for one side to walk through them and the other to not be able to by setting collision based on which side you were on.