So, I got the new update and also bought the hair&beard pack. Got excited at first... but then got stuck.
I'd like to create a character similar to the one below (by the way the fake photo was generated using StyleGAN neural network. It is very finicky and features are very entangled, but you can play with sliders and get something usable for Headshot and then for normal maps in SkinGen).

For the mustache, I took VanDyke style and edited the mesh to make the ends shorter - it worked pretty well. But none of the premade beards fit. The Hollywood is too short, the Curtain Long is too long. So, I took the long one and tried to edit the mesh to make it shorter and also to cover more area under the mouth and at the sides.
It did not work as expected. The beard mesh seems to have some hidden parts that start sticking out and causing visible sharp seams, especially where the beard touches the face.
To get rid of the seams, I started adjusting Conform settings, but it got even worse - every time I hit Calculate Collision button, the beard gets more and more broken.

I expected more adjustability from an almost 100$ package.
 
Another thing is that even the default hair and beard still sometimes seem to intersect the skin with too sharp seams. Maybe CC is not using the approach that is being used by Unreal Engine (see Using Pixel Depth Offset with the Hair Shader at https://docs.unrealengine.com/en-US/Resources/Showcases/PhotorealisticCharacter/index.html). So, I'm not sure if the CC beard will look the best when imported into Unreal or I'll have to recreate it from scratch, which kinda kills the idea of having CC as the all-in-one tool.

If someone has managed to get custom beards working and conforming to face when using lipsync, I'll really appreciate any advice.