It all depends on the game you are trying to make but you could very well use the third person template and change the camera position when a key is pressed, you would have to tweak a few values to get a good resault but the advantage of this would be the fact that you won’t have shadow nor reflection problems or have to draw a diferent model for multiplayer clients. But i guess this method has a few cons i’m not aware of.
There are 3 or 4 tutorials on the wiki and youtube about camera positioning in BP and C++
As for material i’m pretty sure it’s possible but looks kind of complex and out of my poor knowledge.