If I upgrade to Vegas Pro 8, will it automatically see Cinescore, transition and effects in Vegas Movie Studio 9? I know that Movie studio has some effects and add-ons that Vegas Pro doesn't have.
They're two completely separate programs so you'll need to set V8 Pro to work with Cinescore (it's not hard to do).
A lot of the transitions and effects that VMS 9 has are unique to it and are not available for V8 Pro.
Since you have a lot more customization capabilities in V8 Pro, odds are that you can recreate these transittions and effects yourself and then save them for future use.