Hi
This has not been a reported problem. In tests with VP 7.30 I only see the particular timeline clip with that effect rendered as 2-Tone. All other clips were normal in the exported test.
A saved sequence within VP loaded back to the timeline still only 2-toned the selected section, even though it was now a complete new clip. This also exported with no problem.
What is the export like when you have NOT added the 2-Tone effect anywhere? (I expect it will export normally.)
If you add two clips to the timeline and add the 2-tone effect to the first clip do they BOTH render in 2-Tone? (Your post seems to suggest that might be happening.)
How are you checking the Sequence Properties?
If your timeline plays OK in the preview (2-tone where the effect is applied on particular clips...FX blue) and normal where it is not applied on other clips (FX grey) , it should export as such. There are no controls on the export screen to alter this.
Nat