Transparent materials don't look that good.

Nope, absolutely no way of doing this with the current built in set of shaders.

It’s an inherent limitation with the UE renderer. They say they’re working on it but I wouldn’t hold out on it. From the sounds of it it would drastically reduce the performance of your whole game just having this feature built in.

You’re actually much better modifying your content so it is suitable for the UE renderer. I know this is a lot of work but your game will perform better in the end as a result.

Sorry I couldn’t provide a more promising solution.