Did we add this feature by accident or did I miss the memo?
I was working on the ability to be able to update the colors on several effects at once and stumbled on the fact that you can already do that in the current version. Try it. Drag a yellow box around several effects. Change the color palette and hit the Update button. They all change.
And that's not all. While you still have them all selected go up to the toolbar and click on an effect icon. Then click the Update button. They all change to that new effect. Click a different effect and hit Update again. They all change. Then you can change effect settings and hit Update.
I thought there was a request in for this type of capability but it seems like it was already there.