Derek, see if this trick helps (courtesy of user malowz on the Sony Vegas Pro forum).
Put 3 filters, “Invert” (at 100%), “Color Corrector”, “Invert” (at 100%).
Then lift up the gamma of the color corrector in the middle.
This darkens highlights first, in the logarithmic fashion, more like a “iris closing” way.
You can also put a color corrector secondary to select reds and lower the gamma a bit.
Here are screen shots of my FX settings and the corrected shot.
This was a very rough attempt and I’m sure you can do better by playing around more than I did.


