Looks pretty good so far. On your effects library, have you considered inserting a timebase, for example, if a person creates the effect based on a specific BPM (beat per minute) tempo they obviously are trying to match the visual effect to the musical effect. Very often, users also use one or more tracks as a "beat track" for the music the sequence is designed to use. In a sense, the beat track is a visual timebase, or at least a form of it.
Inserting an effect that was made for one sequence/music matched pair that is subsequently transplanted into a sequence having a different tempo probably won't match the new sequence's beat. I understand that you have the ability to stretch a sequence, but it would be nice to be able to match the timebase from the source to the timebase of the destination. If done visually, the user would just have to match up the timebase markers and it would be in perfect sync. This would be vastly preferred to the trial-and-error method.
Just an idea...