The hit event provides all sorts of useful information like the hit location and normal impulse. Is there any way, through blueprint or C++, that I can I still get this information, but ignore the actual collision in the game world?
Without an actual point of contact there is no calculated impulse within the physics engine. You could get a less precise impulse calculation using the respective primitive component’s FBodyInstance that are involved in the overlap since you have access to their location, bounds, and mass. If they are movement components than you have velocity as well.