Well i start a little Archviz project with the vr template and i had to move it to a blank project because every light in the enviorment has a problem and i dont know why.
Well i was using instaced stereo as vr template has as default, for me its a problem cuz i want photorealistic graphics and that turns of postprocess volumes and metallic effects.
I have instanced Stereo on and can still use every effect in the Engine. I think you should check the Target Platform in the UE4 Project Settings and also the Render settings.