I'll start off with the pros would more likely use something like after effects or perhaps a more expensive compositing app. Not that it won't work in VV, but just in case the final result doesn't look as good as what you see on cable etc...

What I've done in VV3 is to create the graphic, then create an image mask, both in a graphics app like P/Shop or Corel Paint. Remember that if it's going on TV, then it has to match your interlaced footage etc., so try to avoid thin lines, avoid horizontal lines if you can, & maybe apply a drop shadow (a black background with an almost black, feathered shadow works for me).

Then insert tracks above your footage in the timeline of VV, import the graphics & the mask into their own tracks. From there you have the option of either using the graphics alone or using the mask as well -- In my experience, sometimes one works better then the other, & when you use the mask, you wind up having to pre-render the segment with your graphic ( if you don't have a mask in place for the entire timeline, the rest can render black)

Using just the graphic, mute the mask track, & then you can toggle the transparency color to match the graphic track's background, then use motion tracking &/or pan/crop to get the placement where you want it.

Using the mask track takes the place of using the graphic's track's transparancy. It's simpler without, but when you're in the graphics app it's a few second job to create the mask graphic file, & sometimes it really does work better. If it doesn't, you haven't wasted anything by muting or removing the mask track.

BTW, check the help file on parent/child tracks & compositing mode, as they provide pictures of the controls you're looking for. Also, you'll see reference to the Alpha channel -- personally I've found it more useful to ignore it for the stuff I've done, but who knows, may provide what you need.

Use Event Pan/Crop to position your graphic where you want it.

I use Real-DRAW Pro for this kind of stuff. It’s very easy to get some really professional looking lower thirds with transparency. Then I use Export to PNG with alpha channel and that’s it. Drop the graphic into VV3 and it automatically recognizes the alpha channel and you have a graphic overlay. I do most of my titles with Real-DRAW Pro because it’s extremely easy to use and has lots of great 3D preset. There is a 30-day trial if you want to try it. Obviously I was very impressed and bought it. It was only $55 USD.

~jr