Great 
Yes, instead of tick, you keep the widget on the screen the whole time, and when a BP updates something, it can tell the widget to change the text.
When you create the widget, the default output is typed
But if you use a generic widget object reference variable, you can still store it
Once a BP knows this reference it can use an interface call to ask the widget to change the text.
One place you can put this reference, is the save game, so any BP can get it from there 
You could also use the game instance.