How do i create a blueprint that on touch creates a baloon that can catch an object or bounce it depending on its inflation?

[Chipstarrr]

So I need to create a mechanic where by when the user taps the screen a balloon is inflated and can be deflated by dragging down from the touch point. The balloon would also need to be able to cushion/bounce a falling physics object based on the amount of current inflation! Big ask I know…is it possible?