Optimization/efficiency question? Dynamic Materials vs set materials?

Hi there.

In my game I have several things which change colour fairly often.

Currently I have a pannel set up to change colour every time a player goes over it.
I have it set up so the 4 player colours are in one dynamic material instance and i change a param to the player number which changes the dynamic material (using ifs).

Is that the best way to do it or should I just have 4 separate materials and just use the ‘set material’ node to change them?

This game will be running on GearVR which is why I need to best performance-wise coding.

Many thanks