Allright so after some hours in engine, actually knew what I want to do but had some trouble to work it out in terms of the underlaying tech however think I got something that you might like.
Before make sure Engine→UserInterface→EneableDistanceFieldFontRasterization
On Your Font Atlast make sure its Runtime and SDF
Make a new material Domain→UI, Blending →Transparent
Here is the material simply adjusts the glyphs SDF stop line adding some opacity to it.
On your widget add a text component→Assign the material newly created (Mine’s name UnlitTextBlur) and check the box “Material Is Stencil”
Ofcourse can be improved as outline only glow, inner and outer glows too.
Results
Let me know if its something you like 