Issues with Convert Selected Actor to Blueprint Class (previously Replace with Composited Blueprint)

A licensee on UDN brought up some issues with "Convert Selected Components to Blueprint Class". After investigating a bit, it seems there's been some regression compared to what could be done with "Replace with Composited Blueprint" up until 4.6

1. When an actor is parented to another and you make the Blueprint, the parent/child relationship is no longer maintained. Both are parented to the same root, causing the former child's placement to be changed

2. Converting used to maintain the names of the objects (pillar, etc), but now replaces the names with StaticMeshComponent01, etc.

*Incidentally, we both had trouble finding the option at all since it was moved to the Blueprints button. Right-click menu maybe?

1. Add two Static Mesh and Parent one to the other.
2. "Convert Selected Components to Blueprint Class"
3. Child is now moved to a different place and unparented
4. Both static meshes are renamed to StaticMeshComponent0x