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An easier way would be to export the video as a filmstrip (.flm), then import that into photoshop. You can then apply a filter once, because it is treated as a single image. Decent computer specs are needed for filters that take up more resources. Much quicker way, enjoy.
Yes, very much so. I guess it's a time versus quality choice. I guess longer clips might not even have a choice because of the cpu processing, good luck.