Ignoring pawn collision makes it ignore mesh

When ignoring the pawn capsule on a character, yet having collision on the mesh, you still fall through the world because it ignores the mesh collision settings.

From User:
It seems to be infuriatingly difficult to have something ignore the pawn capsule on a character, yet collide with the mesh underneath. As I understand it there some form of ignore collision inheritance going on - so since the mesh is a child of the capsule, if the capsule is set to ignore say a custom collision channel, then even if the mesh is set to block it, it will ignore.

The logical way around that would seem to be making the capsule block all, but making the custom collision ignore the pawn channel, just colliding with the mesh (which is world dynamic). However after numerous tests, if you in any way attempt to ignore the pawn channel, it will ignore everything.

1. Open the Third Person template
2. Open the Character Blueprint
3. Change the settings on the capsule to Block all
4. Change the block all on the pawn to ignore
5. Press play and notice you fall through the floor

Result: The character falls through the floor.
Expected: The capsule ignores the pawn, but it still picks up the character pawn mesh collision settings.