Here is another suggestion for you -
make your projectile a static mesh component of your character. Add a camera component to this projectile mesh.
You can then use set active node to choose which camera you are looking through when you press F for fire.
You can also, with a bit of logic using gates and sequence nodes flip flop between your input events to the character moving the character or, the position of the projectile.
This is nice because you can then add a scenecomponent2d to the character and capture the view from the projectile and display it in a widget that appears as a small subwindow in your viewport.
so,
you could press F to fire the projectile, make it visible, display the projectile camera view in widget and start moving the projectile in world space.
you could also move your character or the projectile by using the normal movement inputs and if Z is pressed you adjust the projectile, if Z not pressed you adjust the character.
When component projectile hits something you can reset its postion and make it invisible.
I have, out of curiosity just run a little test and I am sure that this would work and be very cool.
You could potentially expand so that the character has several projectiles to fire but one is enough hey?
Hope you understand what I mean.
cheers
Podge.