Yes, that’s the plan. I will basically work on this in my free time as a side project. The repository will be here: GitHub - ue4plugins/VlcMedia: Media Framework plug-in using the Video LAN Codec (libvlc).
That being said, I haven’t had much free time recently, so this will take a while. The main blocker with VLC right now is that the library is a giant pain in the neck to build for the various platforms. Pull requests are welcome 