Fastest way to generate material instances for 1000+ textures?

I have posted this in the Editor Scripting section because the solution will likely require a custom macro. I have approximately 500 textures along with their respective normal and specular maps, and I want to create a material instance for each one. What is the fastest way to accomplish this?

Hi jmancoder,
Here is a blog about material editing, some of examples need plugin TAPython, but in your case, unreal.MaterialEditingLibrary can handle it very well.