Made some more tests:
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Spawned fertilized dino eggs hatch into baby dinos normally, even though parent dinos are not set. Not sure what happens with their stats and levels though.
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You can indeed slow down baby food consumption. Best of all, you can do this without changing existing dino or egg blueprints. For example, in my test I made a special consumable that, once fed to a baby dino, will change its food consumption rate. Here is the script that I used in the blueprint:
P.S. Make sure to enable “Use Blueprint Equipped Notifications” in the blueprint, otherwise the event will not be triggered.