After importing a LOD for a static mesh, if you try to replace it by selecting “Reimport LOD level 1” in LOD settings group, new mesh is rendered on top of old lod mesh,and triangle and vertex counts show sum of both models. Also there seems to be no way to remove a lod level once you have added one.
Binary Build - Version 4.0.1-2027741
Step to reproduce:
Import a static mesh - for sake of example SM_Mesh1.fbx
Open mesh settings dialog and under LOD Settings, select ‘Import LOD level 1’. select a lod mesh - say SM_Mesh1_LOD1.fbx
Make a note of vertex count under LOD1 group
Now select ‘Reimport LOD level 1’ and import a different mesh (or indeed same one), say SM_Mesh1a_LOD1.fbx
Note that two LOD models are rendered on top of each other, and vertex count for LOD1 is sum of 2 meshes.