Does UCC allow character mesh swapping at runtime?

I have a character being controlled by UCC. I would like to make an effect where the character transforms into a different character when an event happens, but I would like the inventory to transfer over. The simplest way in my mind is to switch the character meshes out, but after some experimenting, that doesn't appear to work. Is there a recommended way for accomplishing this? Thanks!
 
For this I would completely swap out the character for a new character - you're not going to be able to just swap out the mesh.
 
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