While FPS template has no normal maps on the world, why do you want VR world without normal maps?! O.o
Power saving is always off on my phone. I have 3 light sources, so to speak, Direct light (static), LightmassImportanceVolume and Skylight (static).
I have no idea about fake fogs, sorry 
Doesn’t UE4 have something out of the box or is it something to mess with manually ? (I just starting with UE4 and since I don’t get to hit 60 fps on basic scene, I don’t really have motivation to mess with it deeper, yet) Unity has a checkbox for “fog” and whatever kind of fog it is, it doesn’t affect performance.
How do I get to this panel that is on your screenshot ?
Thanks!