My Tip: Changing the material of a Static Mesh

Courtesy of Russell:

After importing your mesh from SketchUp, in the static mesh browser, down the bottom of the screen, expand the rollout "[0]" and there should be a variable titled "Material"

In order to change this material, go to the material browser and select the material you wish to have on your mesh (the same way you would, were you applying it to a regular brush in UnrealEd), then return to the Static Mesh Tab, and in the Material variable, click the button titled "Use"

Click in the viewport in order to refresh your model, and see the updated texture.