With soup the baked shape does conform well to the original shape, but the vertices and edges do not match very good. So for some specific deformation will not work.
Anyways, i try by baking out the deformations to a series of blendshapes keyed for every single frame witch can be done with this nice script. I try with a cloth simulation and it works nice. Then i try with a larger file with 150 baked frames. And the 280 mb FBX file never got loaded even after i wait like two hours. It got stock at 75 percent in the first import window (it never got in the stage of choosing options, etc).
Then i try with a lighter version, (less polys) of the file and with around 85mb, i got the same result stock at 75 percent.
The lighter version of this file is around 120k polys. And it`s a combination of 7 objects that i merged in maya.
I search around and it seems that UE4 has problems importing big files…?