Alright! So thanks to your input I’ve gotten the basic concept to work! Though the road from here to something that looks like a blob of thick goo bouncing about is still long.
What I’ve done is I created a simple material that I can drive through blueprint code: http://i.imgur.com/msKJhbN.png
When the collision sphere triggers the EventHit, the MorphBall event is called which squishes the ball: http://i.imgur.com/2NDRzQA.png (I’m still working on a way to make it expand in the other two axis that is not the HitNormal.
Then I tried doing what you said about getting the direction vector from previous to current location and it “works”, however it looks very hacky (I’m not a very experienced programmer!). It also interferes with the squish and when it is nearing the end of its lifespan and rolling very slow it jitters extremely fast: http://i.imgur.com/RccdlOd.png
Thanks for all the help so far and if you have any further assistance I would be grateful! The main problem I have right now is finding a way of interpolating between squishes on collision and zooming when it’s flying through the air.