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Free FCPX Colour Grade Effect – wvl_ColourGrade
I had a look at what FxMahoney did with his Levels effect and rigged the levels filter to mimic the Gain, Gamma, Pedestal controls in Color Finesse and Fill Light and Blacks in Lightroom.
There is also a saturation control and the Color Balance filter is thrown in for good measure.
Levels levels things off so if you want to recover highlights above 100 turn in it off with the Tone checkbox and use the Colour Balance Highlight control to bring them down.
I use this to make quick adjustments and also, by playing with the blend modes, as a look creator.
If you want more fine grained control I’d recommend Simon Ubsdell’s excellent TKY Power Grade Lite V2 or FXMahoneys Levels effect.