Yes, it is, there are several ways to proceed. I actually don’t mind a easy and fast way so you have to do the bp yourself.
You can use the UMG with an image for every item you want to inspect applying a blur behind the image.
You can also make spawn the 3d item in front of your (locked) camera and a blur filter just behind.
You can use a 2d camera capture located in a green room away from the game area with chroma key and put the rendered image in UMG.
Actually I mind only this 3 solutions, for sure there are a lot of other ways maybe better than mines.