Try using custom Stencils:
My quick setup:
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The PostProcessVolume: you only need to set a single material in the PPV and it will only affect those components that have ticked Render CustomDepth Pass.
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The material is hard to explain
, best if you watch the video above:
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The idea is to set it up so that it can be used on any actor. For I created an actor component that I can add to any actor that can recieve damage and it takes care of the rest:
Result:

Hope it helps


