In order to add more effects to a black-and-white movie, you would first apply the Image Transform (Grayscale) to the entire movie, then use "Make Movie" and create a new movie. We recommend that when making a file to edit again, you create an AVI file using MJPEG video compression and no audio compression. Then start a new project, and add the new, black-and-white movie to the Media Collection.
If you have a project that already has editing, Effects, and Transitions, go ahead and make that movie, then open the new movie and add the Image Transform effect to turn it into a black-and-white version.