When you create the multi-camera editing track, it pops up and tells you that all envelopes, effects, or motion will be lost.

Will it also toss out your color correction? I have the two video tracks balanced nicely at the moment, and I'd hate for them to go out of whack again when I create the track. Am I just going to have to shave off the stuff I don't want from the top track rather than use the multi-camera feature?

Thanks!!

Color correction is an effect, so yes, it will be lost.

You could take your two color corrected tracks and dump each of them to
a .veg file like track1.veg and track2.veg. In both of these files, remove all
of the audio events and clean project media,

In your main project file drop track1.veg on the first track. Then select track2.veg
in explorer with a right mouse click and drag and drop it on track1.veg. It will
give you an option to add as take and this is what you want.

Now you can edit this new composite track using the multicam feature and
all of your color corrections are retained. If you need to change effects, just
open up the track veg files and edit.

UNLESS you put the color correction on the MEDIA instead of the TRACK or EVENT.

This is one reason why many people still prefer to keep using Excalibur or Ultimate S - effects and to the events are kept using these methods.