Yes, you can do it on spawn/beginplay. Just run the trace on actor 2 spawn/beginplay and have it run a function/event that destroys the component in actor 2 when it hits something on a specific collision channel from actor 1.
On the trace hit, you can also grab a reference of actor 1 so that actor 2 can call an event/function from inside actor 1 to disable it’s collision. You could also disable actor 1’s collision directly from inside actor 2, but I think it’s cleaner to have actor 2 call an event/function that resides in actor 1 instead.