Click video plugins and it's the Sony Film Effects? That has a few unusable presets...old, circa 1908, 1980. Is that it?
I was under the impression that Movie Looks was more functional - to try and give the look of film...I mean, usable film. Too many people have been praising Movie Looks for this to be it.
Movie Looks is a separate plugin download that you can get from the Vegas download page. If you install it, it should appear on your Video FX tab under Magic Bullet Movie Looks.
The freebie version includes 10 film looks, and 5 more are available if you register the plugin. If you want more control, you have to buy the full Magic Bullet package.
Bottom line: have you downloaded the latest version from the updates page, which supposedly includes a fix for this issue? I say "supposedly" because I never experienced the problem in the first place.