Gil, I dug around and found this Post you wrote earlier in June and I was able to make it work for me. I just had to set the destination, NOT add a Morph first. Highlighting the Effect preset, then selecting APPLY PRESET brought my saved Preset to life. And your UPDATE an existing Preset (in this case, a Morph) works also. Thanks again, Gil, for all your help!
FROM A POST GIL WROTE EARLIER: I wrote the Effect Preset code while on vacation so there is no training video. Any old 3.6 videos won't help much because it works different now. To create a Preset you select the effects you want in your preset the exact same way as you would to do a Copy. Then click New Preset and name it. To use a Preset click in the grid to set a destination just like you would to do a Paste and then hit Apply Preset. If you select some effects and hit Update Preset it will modify the currently selected Preset. Think of it like this. Presets use the Copy/Paste logic underneath so you are basically doing a Copy/Paste but have the ability to save it for later.
