Roger, you were mostly correct. The warning from Vegas about event-level F/X being lost with multicam just needs better explanation.
When you make a multicam track, Vegas makes new events on the multicam track (as takes), which is why the event level F/X is lost. Then Vegas deletes the original tracks. Why the warning text doesn’t suggest that f/x can be applied at the media level is a mystery. You’ll still lose any pan/crop unless you render it to new track before making it part of a multicam track.
I hate working with takes – too much brain work. Instead, I make a copy of my camera tracks, group them, mute the group, then collapse it. After that, I make the multicam track and use it normally. If after review I find something that can’t be easily fixed on the multicam track, I still have my backup tracks.
Of course in Vegas there’s almost always two or more ways to accomplish the same result.
Steve Mann
MannMade Digital Video
http://www.mmdv.com