Projectile Momentum modifying damage?

Is it possible to get the momentum of a projectile and use that to modify the base damage done to a character by the projectile? If so, how could I approach taking on this task?

When your projectile overlaps your target, you would call the ApplyDamage node onto the target, with some arbitrary scale value with the current speed for damage, then destroy it after or prevent it from triggering any other collisions.

It would look something like this:

The Speed Scalar variable is used to bring down the value as needed (you may have projectiles moving at 10,000 units per second). You may also considering using clamps for setting a min/max damage value and ignore the scalar.