procedural weapons with customization (is it feasible?)

Simply put, I’m the art director of a small game team new to UE4, and I have been tasked with creating a bunch of materials for weapons.
The models the handle and blade/rest use will need to be assigned randomly, each with their own random material set to be applied to a color map. The hilt, blade, and material combination will be sent to and recorded in a database. We know this is probably possible, and probably decently simple, as far as a procedural system goes.

My question is; Is it possible to do that, and add color customization for the players? (we want players to look exactly how they like)
e.g. a spear has a gold blade and cloth-wrapped pole, and the player chooses the cloth to be red, from a color palette in the equip screen.

I feel the most difficult part will probably be somehow making a few 3-vectors connect to a both a layered material and be changeable ingame through a script.

If anyone can provide hints on making it easier on our scripter or myself, please do!