The Lyra sample provides a pretty comprehensive example of how to dynamically link and encapsulate logic into your animation graphs at runtime alongside typical gameplay concerns. There is an upcoming live stream scheduled around the Fall where this is due to be looked at in detail.
As to the two sub questions:
- Smoothly blending between linked graphs is only achieved at the moment using either manual blending (flip-flipping slots or a custom node) or via inertial blending. The blend time for the blend is specified on the graphs properties.
- There are a number of ways to pass variables to sub-graphs. The original implementation (which still functions in UE5) allowed you to expose variables on your linked graphs/layers as pins on the node. These days the recommended workflow is to ‘pull’ data in your linked anim instances via Property Access, either from your ‘main’ anim instance or directly from the rest of the gameplay framework.