Is posible to crate modular socket sistem inside ue4

We develop a race game and we wonder Is can make a customizable Rigg system types that can be altered (as in Rovio game “bad piggies” parts of models or ** NFS “Carbon” ** labels on car)
I know there’s a way to make Rigg and hide its parts as parts of weapons
We think it is not as straightforward solution to make each inc new socket, it would overload the perfomance
 
It is our goal that the player had moving parts such as axles point (which will result after agility)

So we assume that the solution is modular socket. But how? And how to make the Is Rigg’s even possible
Do you know the solution please help us!