Convert 2D material to a 3D "object"?

Here is what my imaginary process would look like…
Whether needing to use a particle system or not, is another issue…probably it would be needed.

Have two materials

  1. One HLSL material, that simply creates the “3D entity” (contains pixel colors)
  2. Uses shader in #1 but outputs not a color, but the z-buffer information.
  3. Use the pixel color values in #1, and the z-buffer values in #2, to create a 3D entity in the scene.
    Perhaps create tiny sprite particles from #3 to create the 3D entity.