But how would I set the location of
the pivot point with absolute
coordinates? I plan to set the pivot
point at an absolute location
The actor location is your absolute coordinate, anything attached to its root component can live in the parent’s relative space.
If you place this actor at [0,0, -200] and set the cube’s relative location to [0,0, 200], the cube will appear at [0,0,0] but rotate around [0,0,-200].
You can also override children’s settings. There is a tiny, downfacing arrow in the component’s transform panel for location, rotation and scale. Although it does not seem necessary in this instance.