How can I show specific Body Part Damage?

I was looking at the Event Hit event and working out how to handle damage. I want to allocate damage to specific body parts and have different things happen (like limping if you broke a leg) with a bloodied limb for the one that was hurt.

My question is: Can I use the “My Comp - The Component on the executing Actor that was hit” to find the limb that was hit and tell it to switch it for the damaged one? I’m not a 3D modeler and I haven’t yet switched out the character model in the template but I plan to eventually. To do the way I’m thinking here, I’d need each body part to be a separate model, because every component is a separate model, right? Would that be bad?

Basically, is this the way to go about doing this, or is there an easier/simpler way?

You can get the bonename from the hitresult. Using the bone name you can manipulate your skeletal mesh. I imagine for body part damage you would be hiding specific bones and swapping in or spawning new models as the result of certain damage.