Hey guys! I tried both approaches once again, addressing that issue with the raycast not working with multiple players in the WackyToaster's approach.
In the end, turns out R0J0hound approach ended up working better. With Wacky's approach, while it mostly worked fine, the tall building in the screenshot was not getting transparent when one of the players were behind it unless they were very close to the building. That's probably related to the fact this approach wasn't taking into account the ZHeight of stuff in the environment.
That being said, the issue has apparently been resolved! Thank you guys for all your assistance, you were extremely helpful!
Cheers!