I don’t think so, tags are variables only accesible from cpu, while postprocess materials are running on gpu. Maybe editing something in the source code, but even then, I don’t think it could be done
You can add multiple Materials that implement the custom stencil buffer to have different effects. Basically every class that inherits from UMeshComponent gets a custom stencil index property 0-255. You can use the full range or implement a bit mask- but then you are limited to those values.
Each pixel on the screen is aware of what stencil value it is and is also aware of depth (so you can get the stencil value of the object closest to the viewport etc)
You blend your materials together in a post process volume.