Playing and Reversing an Animation Using Player Character Position

I’m trying to set up a scenario where, as the player get closer to a particular object, an animation tied to the object plays. However, I want the speed and direction of the animation timeline to be directly controlled by the player’s distance from the object. i.e. as the player approaches the object, it plays its animation. If the player stops, the animation pauses and if they walk away from the object the animation reverses.

I understand this may not be possible but any suggestions would be welcome! I’m also looking into the possibility of using a LOD system to switch between models based on character proximity but I would prefer more control over the blend between models and be able to import an animation. Thanks!

P.S. Any direct blueprint examples would be great