right now it comes default to convert cut ti dissolve transition. I would like to know how to change this per project (flash/new blue/etc) for different projects. How is thiis done?
As far as I know, you have to do this after you've added all your clips to the timeline.
Right-click the first clip, choose "Select Events to End" and apply the desired transition to the first dissolve.
All subsequent dissolves will be converted to that transition.
There's also a script called "ApplyTransitions" out there somewhere that allows you to do this.