Ways to appoach in game (runtime) art creation

I would say look into C++ and how render targets are done, then create something like it but for your needs, in C++. You can make your own struct that you paint in then function that copies it over to render target, so you can use it in unreal freely.

So create RGBA picture/texture struct, create own functions that can work fast with it, than use render target only to copy that into unreal.