Yes , only copy the folders with the RL Characters & the "CC_Shader" Folder to your UE5 Project / Content Folder , the shaders will be recompiled in UE5 , no need for a plugin. The plugin has already done its job in UE4.
Live Link for Reallusion is not updated , so I guess it will not work , but you can do all live linking in UE4 and copying all you need to UE5 , Characters , Shaders , Animations , Props ...a.s.o.

Do you mean "Emissive Materials" for Lumen ? 

haha , totally wrong :P

Thanks, I figured as much. I was going to try and clone my project and open it in UE5 but there lies the problems with the plugins. So I thought I would ask about it here. I know of at least one person who just opened their project in UE5 directly and ruined it because it was updated to UE5 and not able to be used in UE 4.26 again.

UE5 is asking you do create a copy before opening an UE4 project , tick - open a copy , so the original UE4 project will be untouched.
When it asks for plugins , tick no.

UE5 - Lumen Character Test :

Bassline - are you using Lumen in this CC3 example? Do you still have to change the shadows to raster for the eyelashes? 

Here's a video comparing Ray Tracing and Lumen in UE5:

You know, I am playing with the UE5-only LiveLink Face on the Meta Human, and I can see now that the MH facial animations themselves are just not as well done as the Reallusion ArkKit equivalents. 
The mouth hanging open and stuff like that on the Meta Human is due to bad animation choice on the part of Epic/3DL/Qixel, and is not a result of a quirky UI or unsynced facial dynamic. 
In fact, you could have the greatest translation in the world from CC3 iC7 LiveLink to Meta Human, and it would never be as good as a CC3 avatar's facial.
Not just that, but you could have the best FaceWare or Rokoko performance in the world on a MH, and it would still look not as a good as a Reallusion CC3 counterpart animation.

To me this emphasizes that the paradigm will be made so much better if we can get a Super-CC HD avatar that can handle the RL ArkKit blendshapes, they are just much better at matching expressions, at least in my opinion.