Trying to implement LIDAR / Point Cloud graphic features, new to UE4 and game engines

So after some research, I’m starting to think a Post-Processing material isn’t going to cover what I want.

I’ve included a short clip to demonstrate what I have:

http://.gfycat.com/GeneralWarmBlobfish.gif

(Direct link in case it doesn’t display: GIF | Gfycat)

I’m using the pre-packaged First Person Template and turning off all the white cubes that are placed in the level.

The graphical effect is all done through the First Person Character blueprint. You can see the game freeze at the “ping” while it calculates and displays. You can’t really see the framerate drop because the gif quality is so bad (couldn’t find a way to make it better quality).

I desire to make this graphical effect faster and denser. The “ping” doesn’t necessarily have to be real-time (although I would prefer it to be), but I want to be navigate around the overlayed geometry in real-time at a good FPS. I hopefully want to get to something like this:


(player would have “pinged” the scene at the blank disc in the middle, then would have moved in the world to current view being seen)

Any ideas? Perhaps sprites or instanced static meshes (I unfortunately don’t know what these do or how to use them, but I know what they are and I’ve seen them thrown around in some of my research)?

Thanks in advance.