Kevin and Mark, thanks for the input.
I tried out Aaron’s tutorial and used the glass effect to give my red fractal a liquid sheen, then layered that over the video background I want the drop to fall into (using Darken blending mode “I think” not for sure since AE crashed and i need to re-do it after I post this 😉 ) Then I put that whole thing into Mr. Mercury and turned down the velocity to get a nice droplet shape. Fiddling with the death and birth size of the droplets, I got the drop to start covering the entire scene (so all we see is the shiny, bloody, distorted view of whats below) Then, as the birth sizes get smally, the drop seems to “fall” into the distance, distorting the image inside it as it falls and revealing the real image. AND, its got a nice liquid look thanks to Aaron’s tutorial on that glass effect.
So, I may try tweaking it some more on the second build, but this turned out pretty nice. Thanks guys!