Alright, so I solved it. I will post a screenshot of the blueprint graph in case this helps anyone else out in the future. This is all it took:
As you can see, it begins with an Event Tick. The event tick executes a Branch with the condition being whether or not the Velocity of the Actor’s Z coordinates is Less Than 0. The actor, in this case, being BP_Dude (My player character). If this condition comes back as True, I have it set to Set Flipbook to the Jumping sprite (which, in my case also doubles as the falling animation). And voila! As soon as i walk off of an edge, the “Jumping” (falling) sprite activates, and I am happy. Hope this helps anyone else working in Paper 2D. It seems there aren’t many decent tutorials out there for this plugin for UE4, so we’re all learning a little bit at a time and whatever I can do to help I will do!
GR1M