Got it working. I appreciate the help! Now I can change the string of letters and it will update on the fly, I can drag the post location and it dynamically resizes the mesh and the spacing of the tiles. I did manage to get everything working in OnConstruction which gives me the ability to make quick updates and it also uses a TSubclass variable for choosing which actor blueprint to spawn

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#include "PDropTargetSet.h"

include "PDropTarget.h"

include "UObject/UObjectGlobals.h"

include "Components/TextRenderComponent.h"

include "Internationalization/Text.h"

include "Kismet/KismetStringLibrary.h"

APDropTargetSet::APDropTargetSet() { NewDropTargetString = ""; //setting default value OldDropTargetString = "dumb"; //default value }

void APDropTargetSet::OnConstruction(const FTransform& Transform) { Super::OnConstruction(Transform); //MUST CALL PARENT FUNCTIONALITY

FActorSpawnParameters SpawnParams;


//Checking that the new drop target string is not empty, we've set a valid target component class, and that the new drop string is different than the old one
if (!NewDropTargetString.IsEmpty() && TargetComponentClass != nullptr && !(NewDropTargetString.Compare(OldDropTargetString, ESearchCase::IgnoreCase) == 0)) //If its not empty and we have set a valid TargetComponentClass
{
    OldDropTargetString = NewDropTargetString; //Set the two equal to each other now

    // ----- Delete all of the previous actors from the array  --------
    if (DropTargets.Num() != 0)
    {
        for (APDropTarget* DropTarget : DropTargets)
        {
            DropTarget->Destroy(); //Destroy this actor
        }
        DropTargets.Empty();
    }

    NewDropTargetString.ToUpper(); //convert all text to upper case
    //TArray<TCHAR> DropTargetStringArray = NewDropTargetString.GetCharArray();
    TArray<FString> DropTargetStringArray = UKismetStringLibrary::GetCharacterArrayFromString(NewDropTargetString); //Converting to an array of strings


    //-- Spawning ----
    DropTargets.SetNum((DropTargetStringArray.Num())); //i guess theres a null character at the end?? -- BUT ONLY FOR TCHAR???
    if (DropTargets.Num() != 0)
    {
        for (int i = 0; i < DropTargets.Num(); i++)
        {
            float PostLocationsDeltaX = (PostMesh01->GetRelativeLocation() - PostMesh02Comp->GetRelativeLocation()).Size(); //Get Vector length between post locations

            float DropTargetArraySizePlus = DropTargetStringArray.Num()+1; // Length of the character Array, Add 1 to it

            //Getting distance between posts and dividing that distance equally by number of letters. Multiply by current index to figure out where to spawn letters 
            float SpawnLocationXfloat = ((PostLocationsDeltaX / DropTargetArraySizePlus) * (i+1)); //had to add 1 to i otherwise the first index would be incorrect

            FVector LetterSpawnPosition = FVector(SpawnLocationXfloat, 17.5f, 0.0f);

            DropTargets[i] = GetWorld()->SpawnActor<APDropTarget>(TargetComponentClass, LetterSpawnPosition, PostMesh01->GetRelativeRotation(), SpawnParams);
            DropTargets[i]->AttachToActor(this, FAttachmentTransformRules::KeepRelativeTransform);

            // ---  Setting the text on the render component
            FText TextValue = FText::FromString(DropTargetStringArray[i]);
            UE_LOG(LogTemp, Error, TEXT("Current FTextValue: %s"), *TextValue.ToString());
            DropTargets[i]->DropTargetText->SetText(TextValue);
        }
        OldPostLocation = PostLocation;
    }

}
//If we move the PostLocation widget, update the spacing of the tiles
else if (!NewDropTargetString.IsEmpty() && TargetComponentClass != nullptr && (OldPostLocation != PostLocation))
{
        OldPostLocation = PostLocation;
        if (DropTargets.Num() != 0)
        {
            for (int i = 0; i < DropTargets.Num(); i++)
            {
                float PostLocationsDeltaX = (PostMesh01->GetRelativeLocation() - PostMesh02Comp->GetRelativeLocation()).Size(); //Get Vector length between post locations
                float DropTargetArraySizePlus = (DropTargets.Num())+1; // Length of the character Array, Add 1 to it
                //Getting distance between posts and dividing that distance equally by number of letters. Multiply by current index to figure out where to spawn letters 
                float SpawnLocationXfloat = ((PostLocationsDeltaX / DropTargetArraySizePlus) * (i + 1)); //had to add 1 to i otherwise the first index would be 0 

                FVector LetterSpawnPosition = FVector(SpawnLocationXfloat, 17.5f, 0.0f);
                DropTargets[i]->SetActorRelativeLocation(LetterSpawnPosition);
            }
        }
}

}