Best way to change the color of select sections of a static mesh during run-time.

I’m currently working on my first object in blender. I should probably start off by mentioning I’m very new to both UE4 and Blender. As the title indicates I’m looking for the best way to change the color of select sections of a static mesh during run-time. I have found tutorials for applying multiple material slots to a static mesh but this does not seem to be a good way to go because each slot will incur a draw call. I found this tutorial.

https://www.youtube.com/watch?v=r-0GnSFO1BU

From this AnswerHub post.

https://answers.unrealengine.com/questions/47062/best-way-to-have-multiple-materials-on-an-object.html

The poster from AnswerHub states the video demonstrates a method for adding multiple textures onto a single mesh while maintaining a single draw call. The video shows how to use 4 textures, 4 UV maps, a 2x2 resolution image for a mask, a texture coordinate, 6 Lerps, and 2 UV channels to create a highly detailed material.

This isn’t exactly what I’m trying to accomplish. I have a single object with about 10,000 faces and I’m looking for a way to change the color of many of thous faces during run-time. I’m going to need access to somewhere between 12-16 different colors. The majority of the mesh wont need to change color so I’m thinking I will use one material for the non changing section and based on the method above one material for the parts that will and just change how each section is being masked. However it seems like that will require dynamically generating the image for the mask but I’m not sure about that.

Is this a proper way to go about this? This is going to be designed for mobile so I also need to include a light map, a collision map and whatever else will be important for optimization. I’m not really sure because I haven’t started looking at lighting yet. I know that UE4 allows for 8 UV channels but because I’m still unclear what I’m going to need I’m a bit worried about running out.

Also the poster from AnswerHub states that “You can have multiple UV chanels, but each channel will up the drawcalls”. Unless I’m mistaken the video tutorial shows 2 UV channels being used. So shouldn’t the object being created in the video require two draw calls.

Thanks in advance for any help I might receive.