Having the player partially collide with objects as the ring intersects the object was super important to the design of my game Clear Lake. I looked into different techniques but manipulating colliders on a low level seemed a bad route to go. Instead, I wrote a script that would break the object into multiple colliders that would turn off when the ring would intersect them. The below GIFs show it in action.
Spawning the Colliders
Colliders In Action