You could probably do that with a custom HLSL node as part of World Position Offset. Just search for ‘Custom’ in the Material Editor. That node will allow you to type in your own HLSL. Be aware however, it won’t cross-compile for other platforms, so you need to write it in whatever code the platform your shipping to supports.
The problem you have is that all the vertices on the models will be welded, especially in the case of skinned meshes. Unless you’re generating vertices of your own in that Vertex Shader, then that image won’t be possible without creating faces with separate vertices anyway.
EDIT: There is also the Procedural Mesh Component for Blueprints / C++. See if that can do what you’re looking for.