Start from the VR template for good baseline settings
Enabling Forward Shading (instead of Deferred Shading) has strong performance benefits for VR, see docs.
VR can't handle Groom Strands that are present in the lowest LOD levels (0 and 1) of MetaHumans. Therefore you need to go into the MetaHuman Blueprint, select the LODSync component, and set the Min LOD to 2 (or higher).
Now we have a project including a MetaHuman that runs OK, but you'll notice that the MetaHuman has translucent hair. To fix this, open the MetaHuman Blueprint and select the Hair component. Under Materials in the Details panel, double-click the element that references Hair Cards. Then under Global Scalar Parameter Values, increase the OpacityFar and OpacityNear values (e.g. from 1.5 to 3.0).