How to make an in game pixel art maker

I want to make an interface that would allow the player to create their own pixel art (at least 32x64 but more if possible) within unreal. My first thought was to create a mesh plane with 2048 different material channels that could be set to different colors but this may lag unreal. I also considered using instanced static meshes as pixels but this would be unnecessary. What would be the best course of action for this?

I decided to use the material method. I had some problems and troubleshooted (troubleshot?) here.