For recent VP releases, configure the effect on a single clip. Then select all clips to which it's to be applied. Click the FX button on the initial clip, then click the Replace Effect Chain icon on the effects window toolbar.
The effect is applied to all selected clips.
You can also save a custom effect as a template. Once the effect has been configured click the folder icon on the toolbar. Give the effect a name. That custom effect will appear as just another icon, at the bottom of the effects window.