Above is a video of a quick run down of what the tool can do.
I created a tool in Unreal Engine 5 that takes the selected assets and/or folders in the content browser, finds material type assets and then returns any materials that have an unassigned physical material. It can also do this search on static meshes in the currently open level.
Double clicking on any material will open a window where the physical material can be changed. Clicking OK will save the material and remove it from the search list.
The tool is currently not publicly available but are plans for this in the future.