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I break down the material functions and more in the post, but I am also sharing the project files outright, so you can get a head start implementing these different techniques in your projects.
When working with editor utilities sometimes you need an object type that isn't a "BlueprintType". This makes your life hard, because you can't cast to it.
Don't fear: Create an ExecutePythonScript node with an input and an output and link em.
In the above example, UFactory is not a blueprint type, so we can only construct it as a UObject. Then we can't cast it regularly, so we use the ExecutePythonScript to skip past that issue and plug it into CreateAsset which wants a factory directly.