It is possible. i am no expert so I might not be of any help but I’ll show you how I’ve done something similar (although not performance wise)
It is based over this tutorial: Unreal Engine 4 UMG Using a Gamepad - new version see below - YouTube
I want 4 players to be able to use this widget, so first I am creating 4 Players in the level blueprint before creating the widget (If you don’t have the number of players you are using you will get errors) like so:
Then in the widget I want the 4 players to have input i do this:
And this is the inside of the “4 Player Controller Input Down/Up” nodes that are connected to the OR nodes:
You should check the tutorial in order to get an understanding of this system.
My set up is limited to “one cursor” like the “yellow cursor” of the Mariokart screen, but with some tweaking, you might be able to make it separate for individual players. I hope it helped you a little.