You actually can do this pretty easily, you just need to replace the Default Scene Root with your own Scene Component and then add a Billboard Component to the new Scene Component.
Then in the construction script you can call SetSprite off the the Billboard Component.
One things to note: it’s a little tricky to replace the default scene root with your own. To do this you must first add a new Scene Component and the drag the new scene component over top of the default one to replace it.