I don’t believe this exact look/effect would be entirely a material, this looks more like a particle effect over top of a material. So your best bet would be to add a particle system to your character model and then create that effect with a particle system.
Not sure if you can or would be better off using Niagra? Don’t know if it is still in the experimental stage? Niagra has some great features if you can learn them.
The material under the particle effect would need a texture with an alpha channel in order to make parts of it see through and then you could add some sort of motion to the texture in the material so it looks like like your smoke texture is swirling…under the particle effects you could probably use a simple pan, so much in Y a little bit in X.
Unfortunately I can’t give you specifics on how to do any of these things how you desire to do them, however hopefully it gives you some idea of how to approach the problem.