I have followed some tutorials and notice the options for video stabilization. When I try on my computer there are no options and the process takes a very long time. I think there must be an update available? I have Vegas pro 16 build 424
I understand what you are doing and have tried many times and it works but with only a basic screen . I did notice that the header on the FX on your screen shot says 'stabilize" and the header when I load the fx says 'video stabilization'
Could I have a different and possibly old version of the stabilizer even though I have loaded 424?
Nr 2 is the new Video Stabilizer @Stivi was referring to. Nr 1 is the old Stabilizer @vkmast has linked how to get. In VPro 16 build 424 you can use both and you have the chuise which one you like the most.
I have not used Vegas Stabilizer for a long time (using Mercalli atm), but when used to use it, it was possible to create subclip and apply stabilizer to the subclip as Media FX from timeline.
It is usually much faster. In addition, shakens at the beginning/end/in the middle that you cut off do not make life of stabilizer harder (so you have better stabilisation).