Okay guys…I’ve been doing a bunch of tests on this and here is what happens when you save the filter package from the timeline:
1) Saves all the filters you have added in the correct order.
2) Saves all your settings.
3) Saves all the key frames.
But there is a catch!!!
It also saves the first key frame on the timeline – the one at the very start. And this key frame obviously doesn’t have the correct settings of “your” first key frame.
So once you have added your saved filter package to your clip, you need to delete the first key frame of each effect and slide “your” key frames back to the start of the timeline of your clip.
If however, you save a filter package from a clip, it will simply remember the start and end key frames and put these at the beginning and end of whatever length clip to which you add them.
Hope this is relatively clear.
Bottom line is it works great and thanks again to John for pointing me in the right direction.
Cheers,
Bruce