Is there any good way to have a light function contribute color to a light?

I know that by default, light functions do not allow this, but is there genuinely no good way to do what I’d consider a very basic effect? I’ve read a post from 2015 that said UE3/UDK could do this, but that it would take time for UE4 to implement everything… Which clearly is not the case around eight years later.

I also know the strategy of using three lights, one for each RGB channel of the function, but having three times as many lights does not seem fun for performance, especially for a game I’m trying to keep somewhat lightweight. The usage I need these for would require at least five of them, which would total up to 15 movable lights all at once in a small area.

If possible, is there any way around this?