"Water Tension" between meshes animation effect.

Ok so this is a weird feature, but I was curious if it were possible to have lets say 2 relatively low poly spheres collide (no more than 900 tris each) and for the meshes to merge together creating bevels in-between the two spheres as they connect and move inside each other and then separate as the spheres pass through? bassically the effect im trying to go for is a series of lumps traveling up the sides of another material to make it seem ‘viscous’ but also stay as a single mesh.

Would something like this work for you?