Collision Channels the best way to go?

Re-posting here because it might be more appropriate.

Hoping someone can verify if I’m thinking correctly or offer up an alternative. Collision seems to be my enemy here.
Imagine I’ve got 3 components (a nut and bolt and a machine). I’d like to pickup all items together or items separately (In VR using basic VR template - pickup an item turn physics off, drop item enable physics.) The idea being I would have a component on a table that could be disassembled - Machine sitting on the table - bolt attached to the socket of the machine and nut attached to the socket on the bolt.

My current line of thinking is that the best way to approach this is with separate collision object channels set to overlap one another - since the geometry of all 3 objects does indeed overlap.
One channel for bolt that overlaps nut, and one for nut that overlaps bolt, and a third for the machine. This way they aren’t “colliding” and don’t freak out and fly off.

I can have my bolt attached to the machine and the nut attached to my actor bolt, start with physics turned off. This allows me to pickup the machine with the bolt and nut, or just the bolt with the nut attached. Or I can independantly pull the nut off the bolt if I want. The drawback is that if I drop the bolt, only the bolt is simulating phyiscs and collision and therefore will roll since the collision is only that of a cylinder or other items will pass through the table since they are set to overlap. (the bolt has not been picked up so it has no physics).

So could someone double check me here? Am I correct in thinking that this is maybe the best way to accomplish this and I just have to deal with the trade-off of no collision for certain options.

Thanks