Liquid terminator T-1000 in UE

[p-i-t-e-r]

Is it possible to do this in UE?

If possible, what will be the pipeline?

[Thiago.Unreal]

Yes, you can approach such thing using VAT or with blend shapes.
VAT: VAT 1 | What are Vertex Animation Textures - YouTube

Blender using BlendShape (shape keys)

UE4 Morph Keys From Blender Shape Keys

[Thiago.Unreal]

I forgot, you can use alembic cache streaming too.

Metaballs with Alembic Cache by Unreal Engine