Yep, that’ll do it, I’d think.
As for doing this on standalone meshes, would it not make more sense to query the shooter about the gun and ammo type fired in the bullet impact scenario you mentioned, rather than how the wall responds to specific stimuli? If the brick wall is the same brick wall whether you shoot it with a watergun or an RPG-7, then in my mind, it seems reasonable to do the VFX/SFX handling in the context of the shooter/weapon/ammo, with consideration for the brick material of the wall.
There are other use cases, I’m sure. I’m just spitballing at this one, as it were.