Create custom collision on static mesh
Create Custom Collision on Static Mesh:
It should be possible to create custom collision within the engine. In fact, we do exactly this for UProceduralMeshComponent. You should probably start by taking a look at that component, and just deriving from it to do your custom creation. It already handles a lot of the boilerplate for you.
From https://udn.unrealengine.com/questions/418058/create-custom-collision-for-staticmesh.html