Ok…
First we have to make the distinction between Static Mesh and Static Mesh Component.
The Component is what is attached to the character it has a bunch of data related to where exactly it is and how it moves. It is a kind of a “holder” for a Mesh. (grossly simplified)
The mesh is just a bunch of vertices, faces materials and such. (again grossly simplified)
This means that you can have a Static Mesh Component without a Static Mesh!
So you can have a bunch of components already attached to your character with no meshes assigned to them and you just switch the mesh when needed like that:
Now you’ve decided to create the component runtime. That might be ok in some cases but in your current setup I don’t think it is needed. If you are hell-bent on crating it runtime @Mind-Brain is completely right you just do it once and store it in a variable.