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Fade Effect
Avid has a canned effect called Fade Effect, which is a fade in & out, all self contained in one effect.
I haven’t seen anything like that in FCP 4.5.
I know you can copy an effect you create & then paste it’s attributes to another clip
(keyframe up, Fade up, & then Fade out, keyframe down), but can you save those attributes to effects or favorites?