There is nothing inherently wrong with override Tick(). Yes, you can hurt yourself and you need to be more vigilant there, and you should really try to look for alternate solutions if possible. But like all programming it’s about trade offs. Now for the floating effects you’re talking about, I’d do a new type of movement component so it plays in to the current code path, BUT honestly doing it in tick would also be mostly fine (make sure the tick is pre-physics).
Now, one of the things I see in a lot of contracts I’ve worked is the projects heavy in blueprints often drop to tick to do things and that’s where some performance problems come up. But you just have to be careful.