Yes, i run the same function (which basicly adds a vector to the world location, and sets the new world location on every tick) on both server and client. The replication in this case is replicating the world location values and the added vectors.
Replicate movement probably would work for the actors themselves, but I want to be able to have my character (CMC, but considering using the new mover 2.0) stand on all actors. If I only run the world location update on the server, I struggle with jittering when looking at the client from the server.