I've got some flipbooks working in some explosion effects, but that iterates through the spritesheet in Cascade as opposed to the Material Editor. I think that the flattening process that occurs when pushing to mobile device might cause some issues with the animation.
I'm not so familiar with the UDK Mobile you mentioned. But I know how to make flipbooks and upload the flipbooks to mobile phones as unique apps, whatever you use Android or iOS systems. The key is the flipbook software you use.
I'm 90% sure that the flipbook texture expression used in regular materials is not supported in mobile. As Camikaze mentioned, you still have the option to that in Cascade still.
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I've got some flipbooks working in some explosion effects, but that iterates through the spritesheet in Cascade as opposed to the Material Editor. I think that the flattening process that occurs when pushing to mobile device might cause some issues with the animation.