Springy Skin (TyFlex Operator?)

[im.thatoneguy]

Have you tried wobble operator?
From your description, this might be just the thing you are searching for.

I think there even might be wobble example official file with grass field..

Looks like Wobble is just rotation. I'm looking for deformation of particle meshes. 

It looks like it is possible to make them all skinned actors, but pretty slow.