1.A crude method might involve duplicating the clip and put it on V2 over the original on V1, apply the correction to V2 and then apply a 8 or 16 point garbage matte to V2 and use it to make transparent area of V2.
2.A track matte key is a bit more elegant but requires a lot more work.
3.Most elegant would be using method 1 but in After Effects with a feathered mask to key out parts of track 1 and apply effects to track 1. Much easier to keyframe mask properties than in Pro.