So, I haven't had a chance to do much the last several days since I've been trying to catch up with everything at work before I take two weeks off. But I have done a little bit of work in Unreal 4. I have basically followed some of MrFantasticGhost's tutorials to put together a "real" first-person view with a flashlight. His tutorials go MUCH more in-depth than what I have done, though. I'd recommend watching his True FPS Camera and Flashlight tutorials. The steps that I outline below are what I've done. I did not need a stamina bar, etc. Note that all of this is his content from the videos. I'm just reviewing what I did using his tutorials.
The first thing I did was follow his True FPS Camera tutorial. Create a new project and select the third-person blueprint project with no starter content.
Once it has created the project, go into the Blueprints folder in the content browser and double-click the ThirdPerson Character to bring up that blueprint.
Under the components, attach the camera to the mesh by dragging it up to the mesh.
Next, you will attach the camera to the parent socket of the model's head.
In the viewport, move the camera so that it is positioned inside of the head of the model.
You will also need to rotate the camera 270 degrees on the X axis so that it is oriented correctly.
Select ThirdPersonCharacter(self) and then check "Use controller rotation Yaw" under the Pawn properties.
Then select the camera and check Use Pawn Control Rotation under properties.
Now you should be able to play and have a true first-person camera where you can see your hands and feet as you look around.
Next, I created the Flashlight using his Basic Flashlight tutorial to create the flashlight. Create a new, empty level and add a BSP cube to it and a player start. Expand the cube so that there is quite a lot of floor available.
In your character blueprint, add a new component and select spotlight and rename it Flashlight.
Attach it to the follow camera.
In the viewport, move the light so it is in just front of the camera.
Now you can run the level and see your flashlight on the floor. Here are the settings that I used, but you can adjust as you want.
I added a few more random elements to make sure I liked how it worked.
And that was it.