Thanks! I had noticed that this indeed works, and is visible when using Mesh LOD Coloration debug view mode. That CVar r.StaticMesh.MinLodQualityLevel is disabled, by default, and has to be explicitly assigned a value. PerPlatformMinLOD did not have this issue, and switched automatically when the preview platform is changed in-editor.
One issue I’m now facing is that it only seems to be working for PC but not other platforms. Would you happen to know of a fix?