It is worth mention that an alternative way to controlling the overall strength of the combustion effect could have been set up by using a global vector field instead. This means that is up to the blueprint/code to define and own the vector field allowing it to modify the vector field intensity dynamically (instead of modifying the velocity cone's velocity parameter).
A color over life module is used to create the blue to red gradient effect. Also the size over life effect allows for the sprite to grow twice its size as it ages.
Lastly, another key module to achieve this combustion effect is to use a subimage index module (sub UV). First of all, this subuv module allows for a sprite to play a sprite animation. In this case the explosion sprite atlas shown below was used.
Finally, a couple comments regarding collision. I found that GPU collision only works when the option 'Use Local Space' is disabled in the required module. According to Unreal Forums this is because "collision on GPU particles calls from Scene Depth and cannot function in local space". However, disabling this local space option causes the particle effect to have a trailing effect when flying and I didn't like that. Hence I disabled collisions on this combustion emitter (The cascade screenshot may not reflect that tho).