Sheri2, I use 'WavePad' for a variety of purposes, especially for its excellent noise-suppression based upon sampling, but I find its 'VST' setup a bit constricting. For some reason I have to set up both channels separately using the 'WavePad' VST setup, and I cannot write 'profiles' of my own and save them there. Now, you might wonder why I am rambling on at a bit of a tangent on this-one, but I use the same 'kit' of VST 'filter' plug-ins for just about every purpose under-the-sun. They are the 'Classic' series, from 'Kjaerhusaudio' in Denmark. The nine plug-ins in this set work extremely well in almost all 'audio' situations (and yours, after-all, is essentially an 'audio' situation). I have no doubt there are other excellent audio plug-ins out there as well, and the ones used in the D.A.W. programme 'Reaper' may not only be downloaded in a single download, but are also 'free' as well, (I have a non-commercial licence for 'Reaper', which I use for music purposes).
One programme which allows you to do almost everything you might want to do with plug-ins ('filters' if you insist), originates from France and is known as 'Wavosaur'. 'Wavosaur' is a handy audio-editor, but it is also a 'VST-Host' which allows you to create your own customised profiles/settings for all of your plug-in/filter products. I write music for my own video-productions using a 'notation' programme and Digital Audio Workstation, (usually 'Reaper' or 'Ableton'). It is necessary to create separate 'wave' files for each instrument group (I have a symphony Orchestra on 16 tracks, usually), which goes into 'WavePad' to be cleaned-up in respect of unwanted audio artifacts. For subsequent mixing, it is usually processed in 'Reaper', then finalised in 'Wavosaur'. There is an excellent audio-level meter available in 'Wavosaur'. I never 'normalise', but instead, set up the loudest of my tracks to be just below 0dB on the 'level' meter, (when 'peaking') and lower other levels accordingly. In fact, I would rather use an audio-compresser' (eg Kjaerhus GUP-1) than 'normalise'.
In your case, if you are able to separate the audio from the video easily, there would be all sorts of possibilities to be derived from using 'WavePad', 'Wavosaur' etc. For the greatest flexibility your audio could be separated from its video, processed in 'Wavosaur' and 'imported' back into your video-editor again once it is to your satisfaction. 'Most of this could be done, also in 'Wavepad', which I value highly, it's just that 'Wavosaur' gives a clearer oversight of what you are up-to, plus a tad more versatility.
'I've also suggested provision of a VST-rack in 'VideoPad' to NCH, which would mean that most such operations could be carried out without leaving the main programme. Sorry for such a long-winded explanation, but I hope some of it helps. The short-answer to your question is, of course, 'Yes, 'WavePad' can be used for the purpose you suggest'.