I am in the process of converting a UE3 project to a UE4 project. I see that I am not able to simply open my package/level in UE4 to update it. Does this mean that I have to re import all of my textures and meshes, and then have to recreate my levels and materials? Is there some way that I can export my package information from UE3 so that I don’t have to remake it from scratch? Thank you for the help.
I’m afraid that you’re going to have to redo the whole thing. If you have the source assets it shouldn’t be too hard.
The most problematic part would be translating the code and Kismet into blueprints.
Ya you have to re-import everything over however the system is better so its far faster. It took me a quite some time to move everything over.
Landscapes in UDK can be exported and converted into heightmaps that you can import into UDK4
As long as you have all your raw assets which you should or that would be odd
You have to rescale all your assets in your modeling program because the scale is different
Import everything back in and place them in your level
Re-Paint your landscapes etc
Then go about rebuilding your code or blueprints. If you moving over its going to be a project setback, we have been at it since launch a group of us and we are still not back to were we where in UDK3. Its looking like in another week or two content creation wise we are going to be back, but code is still going to be a bit further off then that.
Dang, I was hoping that was not going to be the answer. It would all be well and good, but I inherited some parts from a team mate that is no longer on the team, and I am not sure how they created some of the objects. There are some substance things that I have no experience with. Thanks for the quick responses, I guess I am going to have to go learn some substance 
This may help you a little bit;