While my knowledge of the games engine is limited, i believe this would be impossible. You'd require rendering of 2 Areas at once which i don't believe is possible without coded support and some neat camera work to implement it. The Periscope view is unfortunately only rendered through the circle view point. Everything outside that is simply a image file.
Even assuming you could do it, rendering 2 areas at once like that would be very stressful on a computer = /
Edit: Not to say i don't like the idea! I think it would be very cool
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