Ron, you can use the secondary CC on an event. I do it all the time. I have noticed in the earlier versions of SVP 11 that the FX didn’t work properly sometimes. For example, I would load the brightness and contrast FX and no sliders, nothing, appears. Just a blank window. I shutdown Vegas, reload it and the FX adjusters appear. Exit the event and go back in to tweak it … and the sliders have gone! Restart Vegas and all is good for one time again. This got quite annoying and I gave up using SVP 11 until now.
Thankfully, the latest version of SVP 11 seems to have fixed this. I am using it to edit a 5 hour project with event level FX adjustments and so far so good.