Hey iNSCAPE85,
I’m not sure about your direct question but maybe an indirect solution would be helpful…
Instead of trying to do this by material maybe try doing this with two separate static mesh mesh components. The metal part of the ax being one static mesh component and and handle as another static mesh component. The combine the two as an actor.
You should be able to use the metal component’s ‘On Hit’ event and see if its a wall actor.
Hope this helps!