My requirement is to process edge properties to calculate some values which can be later used to choose the outgoing edges I want to traverse, repeating the process again when visiting the outgoing edges.

I think this is a problem that can be better solved with Gremlin rather than openCypher. I am new to this but with Gremlin I think I can code the traversal logic exactly as described earlier and then just repeat. I am not sure if the same can be done with openCypher due it is declarative nature?