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Unfortunately, addons are prevented from creating frames in the worldframe like this, due to potential cheating with raid mechanic addons (same reason they took away friendly nameplate editing in 7.2), so AFAIK there wouldn't be a way for an addon to re-create the chat bubbles for instance/raid chat like the game does for say/yell/party.
An addon can however print the text of this channel somewhere on your screen, rather than in the game world. But at that point you might aswell just seperate party/raid/instance chat into it's own chat tab and move it somewhere more convenient to see during combat.
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My Addons | "If someone says something is impossible, they lack either imagination, or determination."
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