UMG Text shader

I would like my artist/designer to use UMG for creating and animating menus and such. But I need the ability to do a variety of animating effects to the text (for example, flaming text or warping of individual text - not the entire screen). I was hoping that I could simply change a material for text but have not figured out how to do this - how can this be done?

If UMG text does not have shader/material abilities then is it possible to render each individual text widget to texture, apply my effects, and then render back onto the original canvas?

Or should I be approaching this from another angle - is it possible (should I - is this bad UMG mojo) to create a custom UMG widget that could replace the text widget that I would do all my shading/manipulation per widget?

Or should I track the UMG widget and attempt to overlap the text with a TextRender? Can this be done or will render order just fail this?

Any ideas? Not asking for codeā€¦ just advice.