If it is only on “OverlapPawn”, it is nothing to worry about. The problem with tracing however is that it is dirt cheap, but in which intervals it should fire off and activate which trap will be a pain. It starts being problematic if you have multiple traps, where only one would get activated at a time. To avoid it, you would need to use multitraces, which might be fired off frequently and get performance unfriendly. If he has tons of them, it will literally confuse the heck out of the linetrace and the Get-Distance-Too, because the trace can’t decide, which trap to activate and deactivate.
Or you could ditch both of our options and just use a collision sphere/box on your player character to periodically check, if stuff is in range. And if they are, they will be saved in an array and the custom event can be triggered through a for loop. This approach has a downside too and can lead to lag, if you have a bunch on them on one moment.
Both methods are valid, but it really depends on your end game design. We can only help as far as the question goes. But the really difficult areas must mostly be tackled by the game designer itself :).
Jumping through various hoops everday in terms of game development, right franktech? :).