Applying multiple effects to a masked area

[eco_bach]

Hi
Can anyone tell me if its possible in Premiere to apply multiple Video Effects to a masked area?

I've created a preset composed of several effects(3 way color, shadow&highlite, ect etc).

I want to apply this preset just to a masked area of my project, and another preset to the unmasked portion.

In addition this masked area will be moving.

So I guess my first task is to create a travelling matte...but I've never done one before.

Any tips or suggestions?

 

[Mr Blue]

Duplicate the footage and put it on the video layer directly above. Then on that top layer apply your mask. Then apply your "mask" preset to the upper masked layer and the "unmasked" preset to the bottom layer.