How to Set Homing Projectile to target a location not a mesh

From what I can see, the homing target
component only accepts static meshes
as the target, and without re-writing
everything, it should be relatively
simple to use a line trace to get a
location, which I’ve got already, and
use that location as the homing
target, it should already be getting a
location for the static mesh

You’re very close. It does not need to be a mesh, any scene component will do:

So it could look like this (untested), following a dummy target:

Setting absolute transform may be a good idea here.