Character costume and clothing explanation?

Hey there! So there were a few things that I wanted to know involving UE4’s character costumes/clothing.

I know there are a few ways that these are handled, one seems to be LODs, but they seem to be almost entirely unmanageable and difficult to deal with. Another thing that caught my eye is using the modular pawn feature, but I’m unsure of how well the fitting for the character’s clothes would feel.

One big thing for me is that I want my character to change clothes at some point in time during the game that I am creating and I’m a bit unsure of how that would be possible. Do I set up an event where I basically just shift the play to a different mesh… Or am I able to set up an event for the character to be wearing different modular pawns from a certain point on?

If anyone has any information, please let me know, because I’m at an entire loss at this point!