I know altreps and promoted bodies are supportted. I'm also looking forward to hearing what the Visualization folks have to say about deformable parts!
Since the bodies of deformable parts reside in assemblies, I suspect you'll have to allow sidecar JT's to be created for those assemblies in Teamcenter to see the deformations in Lifecycle Visualization.
Try setting UGII_GENERATE_MULTI_CAD_JT=1 in your environment, save the assembly that contains the deformation in NX with "Save JT Data" enabled in the save options and then confirm that the Item Revision of the assembly contains the JT dataset. Open the assembly in LV.
I suspect having turned on the above variable that you'll now see both deformed and undeformed representations. ER 6030755 was submitted for that behavior: "when part is deformed in NX we see only the deformed part,but where as in Visualization we see both the solids deformed one and the solid used for creating the deformed shape."
See also Solution Center FAQ 001-6920689: Multiple JT's Created if using Deformable.
You might need to hightlight that occurrence (for the part that is deformed) in Structure Manager, and look in the attachments tab (turn on the Data Panel window). You should see a JT named with the name of the assembly where that part is deformed.