Hi Jim,
I recently got this working (totally unintentionally

) on my semaphore. You do indeed use Parent Node Name in the children section of the blueprint, your child object is set relative to the parent node specified by using the latter portion of the node's name, so for example:
My semaphore's arm needs to be a child of the body, and the body has the name "1_0500_body". So in the blueprint editor, under your child's entry (assuming you've set up the corresponding child blueprint properly), simply set the name of the parent node to be whatever comes after the LOD and range values, so in my case the parent is "body". If you preview that in the editor you'll then see that your child is now offset relative to the pivot of the parent.
But in my case this wasn't meant to happen, the arm was floating above the body. So what I would actually suggest to make things more accurate is to set the child's position relative to the parent in your 3D suite, before you export, which removes the need to specify a parent in the blueprint. Unless you really need to, setting up hierarchies like that in the Blueprint Editor is something I avoid, as the game has a nasty habit of messing with your matrix values when you close and re-open the editor. My semaphore arm was modeled in it's position in Max relative to the post, so all I had to do was hide the post and export the arm as the child .igs, then do the same for the post as the main .igs.
Hope that helps somewhat!
Kevin