It is the same exact process of changing a material and changing a mesh. The only real difference will be spawning the actor at the same transform or whatever transform you want to do it.
Actually, now that I am thinking about it, it may be easier to just destroy a mesh/actor and just spawning a new one. But you can just switch/SET a new mesh in the Static Mesh Component.
Do it however you want, there’s a lot of ways to do it.
So recap: Set a new mesh in Static Mesh Component or Spawn a new Actor BP, destroying the old one first.