This definitely looks like a better direction than spawning multiple PPVs. I’ve never worked with stencils before, so I’m going to try implementing your example to make sure I understand this correctly. I didn’t create the highlight materials and material instances that I am using currently, and their graphs are pretty complicated. So I need to make sure I understand how to apply your example to them.
Anyway, regardless of my understanding of stencils, you definitely answered my initial question on how to highlight multiple meshes with different colors at the same time, so I’m going to mark your post as the answer for my issue. Thank you for the detailed response.