I have 8mm movies that I digitized for use with Vegas Platinum 8.0d. Unfortunately I have stretches of film that was overexposed. Are their tools available to correct the problem from the (overexposed) digital image?
I would say that if the film was overexposed, there isn't much to do for it. In the Vegas Pro world, overexposed video sometimes reacts well to adding this sequence of plugins to the video: [Invert][Color Corrector][Invert] and adjusting the Gamma slider.
Other options are likely best explored in the Vegas Studio forum.
If you posted a few frames of the over exposed elements, maybe the forum can help you. If the footage is severely over exposed then you would need to try and pull it down in transfer again, if the video capture was over exposed the light areas might not have info there to adjust.