To expand on Musicvid, render once at low bitrate and then at your normal. The damage will be done.

Looking at the plugin linked to in the OP, it appears they are going for the effect you see when an MPEG stream gets interrupted, and parts of the image begin to drop out (think satellite dish during a thunderstorm). If that is the case, rendering at a low bitrate alone won't do what they are after. It may require some effects that might not be so easy to achieve in Vegas, or at least not as easy as something like After Effects. The main challenge will be emulating the missing or green/pink blocks of the image, and the way they pop in and out randomly. Then you can render one video track with very low bitrate, then another one on top of that with very low resolution, and play with masking out the different layers at different parts of the image and at different times. You'll also want to play around with freezing blocks of the image as well for a second or two, as that tends to happen with bad mpeg streams as well. To do this, make another video track, move to the area you want to freeze, make a freeze frame, and mask out everything but the parts of the image you want to freeze.

Looking at the plugin linked to in the OP, it appears they are going for the effect you see when an MPEG stream gets interrupted, and parts of the image begin to drop out (think satellite dish during a thunderstorm).

Yes! that is exactly what I am looking for, the glitches when the MPEG stream gets interrupted. So I was thinking that if I had a mask with the black squares that appear randomly, I could just overlay it to get the same effect. Anyway I ended up buying borisfx continuum stylize, it has some glitching plugins - not exactly what I was looking for but should do the trick for now.