no, we don't provide that.
Initially the 'ScreenPoints' mode was a hack in the popcorn editor to allow using geometry shaders to do the billboarding, but as you said, it has been deprecated since quite a while now.
The reason why we don't support point rendering is that it scales very badly. as the screen resolution and the distance of the effect to the camera changes, you'll get widely different looks for the exact same effect.
We prefer to have simple very small screen-aligned billboards, with a simple circular gradient texture. This will cost almost the same for the GPU to render (assuming billboarding is done in CS), but will behave _much_ better than points.
Also, you don't have to pay for the blending cost, if your effect can work with this, in UE4 you can bind a solid material to the billboards, that writes to the depth buffer, and does not use blending.