Alright. I might have something which seems to work but it requires 4.16 and a very minor tinkering in the engine code.
In the new in-engine clothing tool introduced in 4.16 (which is still experimental by the way), there is a drop-down for Wind Method in the Cloth Config properties. By default it has only one option to be selected which is ‘Legacy’.
Open ClothingAsset.h and scroll to the EClothingWindMethod (Line: 263). You can create a new enum value called ‘None’. Compile the engine and open the skeletal mesh editor again. This time in the Wind Method drop-down, there’ll be an option to select ‘None’.
Explaination of why this works: Wind computation is being done in ClothingSimulationNV.cpp in its UpdateWind function (Line: 1253) using switch case. Any other enum value other than ‘Legacy’ or ‘Accurate’ is going to go to the default case, and no computation will be done.
This does the trick to some extent but I would still like to disable wind on cloth meshes on a per-instance basis in my level maybe through a boolean provided in the SkeletalMeshComponent.
TL;DR
-Get Unreal 4.16 github source of the engine
-Add the value ‘None’(or anything else would do) to the EClothingWindMethod enum in ClothingAsset.h
-Compile the engine
-Select the newly added enum value in the Cloth Config properties in the skeletal mesh editor