You need two things:
One is evaluate the object under the cursor.
That is achieved with ‘Get Hit Results Under Cursor’
This example displays the name of the object under the pointer:
Second is create a special material that offsets the geometry.
The trick is duplicate the outlined static mesh and assign this outline material to it.
here is a simple blueprint example:
there is another technique using post processing volume but is a bit more complcated:
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