In my modern fantasy story, magic users are shown creating 3-dimensional light structures or holograms by bending the light source from a flashlight to create a holographic images such as animals and models. Would this theoretically be possible using pseudo-science while still keeping suspension of disbelief?
SMH, once you throw magic into this the answer is always yes
Physically light cannot be bent (its path can be distorted by gravity). So sure if you say your magic is bending light than by all means it is reasonable.
Light can be bent with mirrors and lenses. You can create effect like this by using different mediums with different refraction properties such as glass. You might be able to use a system that uses a manipulated magnetic field can alter specialized charged particles of some glass-like material. The end affect would be a "glass sculpture" that changes over time as the field changes, which could potentially be possible. Such a device isn't possible today because we don't have the power to manipulate magnetic fields this well but may be in the future. The glass like substance doesn't even have to be solid which would make for something similar to 3D holograms.
Another idea would be to program people's vision directly. This would involve sending data directly to people's optical system. Pretty much a HUD for everyone and this can allow for additional information. Today this can only happen with a screen in front of their eyes and a headset like Hololens. In the future, we might be able to implant a chip that can alter your optic nerve directly to allow for additional images to be added.
To you, what is the difference between "creating holographic images" and simply bending/absorbing light in the exact way a real object was? The latter may be easier. Rather than doing all of the tremendously complicated interference games required for holography, simply bend light right where the surface of the animal's skin would be, and bend it exactly the same way it would have been reflected off the real skin.
Basically, what you'd be doing is raycasting a 3d model of the animal, in real time.