If you are doing this effect for your whole level then yes, could be problematic. Not really any issue if you are using this effect to highlight a selectable object or a few objects. All depends on your scen and needs.
I tried setting up a materia lusing material layers, however there is no option for wireframe in a material function 
I found this link which explains some various methods, but they are from simple texture map to advanced options: Wireframe material part1: The "not so manly" way - Community Content, Tools and Tutorials - Unreal Engine Forums