Change material World Position Offset when object is moving

Is it possible to manipulate with world position offset only when actor are moving? For example for simple cloth or hair physics simulation? Or it’s a hard and perfomance-heavy technique?
In Bless Online they using similar technique for cloth waving on wind - so maybe it’s possible to make it waving on moving actor? Here is the vid

You could create a dynamic material and adjust parameters realtime in your material. This should be possible but i’m not sure about performance. Shouldn’t be gamebreaking though.