Thank you for the response .
Is there any other way that I can change a parameter of a material instance and have all the objects that already have the same material applied, be changed. Just like when working in the editor.
I have a lot of static meshes in the scene, and each static mesh has 3-4 material slots, and the instanced material is not always in the same slot. So this will be a nightmare to set up for each static mesh, if I have to iterate through them all.