I have a rather large existing asset library of assets that I have been collecting the last couple of years. I would like to send it to my project for UEFF but it does not allow it though it is a UE5 supported asset.
Am I missing some step, perhaps a different way to load it.
If not will this be supported in the future?
Would be great to have access to all the assets we already have… 
Assets from UE 5.1 should be compatible with UEFN. You may need to use the Migrate tool in UE to preserve references between them.
Note that only some asset types are supported (e.g. Texture, StaticMesh). Others are not supported at all yet (e.g. AnimationBP) and some have restrictions (e.g. Materials can’t use custom shader node)
Characters like the Paragon characters are not static.
Is it possible to “convert” them.
Perhaps export as fbx and import again in UEFN?
You should be able to bring Paragon SkeletalMesh, Animation and Texture assets from UE 5.1. Materials may not work, if they use disallowed nodes/resources.