I was porting mx.effects from Flex 2 Framework to ActionScript 2.0 recently, and here is some result. You can work with them just like in AS3, you can create effects and compositions (Parallel or Sequence).
Note: I did not ported all classes, like Dissolve, Pixilate etc yet. And this is pre-alpha stage of porting, classes are not fully documenter, and only IEffect.play() method was tested so far.
Long long time ago, I’ve created simple application - EffectsPlaygroung. EP could help you preview effects from mx.effects.* package. Everything was fine, but code was awfull, and UI design was hard to understand (Guess where is the button?).
So I’ve decided to rewrite it, current version can:
Create new Effects (Effect Settings menu)
Add Effects to Composition(Composition Settings or Via Effect header context menu)
Preview Effect(Play menu)
See Code(See Code menu)
I also plan to implement some drag and drop functionality.