Hydrodynamic phenomena such as the Rayleigh-Taylor (RT) and Richtmyer-Meshkov (RM) instabilities can be described by exponential/linear growth of surface perturbations at a bimaterial interface when subjected to constant/impulsive acceleration. A challenge in designing systems to mitigate or exploit these effects is the lack of accurate material models at large dynamic strain rates and pressures. In particular, little stress-strain constitutive information at large strain rates and pressures is available for transient material phases formed at high pressures, and the continuum effect the phase transformation process has on the instability evolution. In this work, a phase-aware isotropic strength model is developed and partially validated with a novel RM-based instability experiment in addition to existing data from the literature. With the validated material model additional simulations are performed to provide insight into to the role that robust material constitutive behavior (e.g., pressure, temperature, rate dependence) has on RM instability and how RM instability experiments can be used to characterize and validated expected material behavior. For phase aware materials, particularly iron in this work, the simulations predict a strong dependence on the Atwood number that single phase materials do not have. At Atwood numbers close to unity, and pressures in the high pressure stability region, the high pressure phase dominates the RM evolution. However, at Atwood numbers close to negative one, the RM evolution is only weakly affected by the high-pressure phase even for shocks well above the phase transformation threshold. In addition to RM evolution this work looks at the closely related shock front perturbation evolution. Existing analytical models for isentropic processes in gases and liquids are modified for metal equation of states and plastic behavior for the first time. It is found that the presence of a volume collapsing phase transformation with increased pressure causes shock front perturbations to decay sooner, while plastic strength has the opposite effect which is significantly different from the effect viscosity has. These results suggest additional experimental setups to validate material models, or relevant material parameters that can be optimized for system design objectives, e.g., minimize feed through perturbations in inertial confinement fusion capsules.