You are correct, I did not know that blend modes were disable under continous collaspse when an effect was applied.
Might be an incredibly long work around, but in the HUD comp could you apply the bezier warp to each layer. You may need to precomp each layer, if they are different sizes all into precomps of the exact same size(but with position and scale needed for the master). Then just apply the warp once and copy and paste to the other layers.
Johnny Cuevas, Editor