Multicam clips workflow -- adding effects

I'm trying out multicam clips for the first time. My usual situation is only two cameras (plus a separate audio recorder) so it's pretty simple. I must say, just picking angles in the angle editor makes it very easy, but I don't see any easy way to add effects to all of a camera's output after that. Did I miss something? The manual doesn't mention that you should add effects before selecting the angles.

In my previous life with iMovie, cutting clips up was the only option. In an earlier project with FCPX, I found it beneficial to "switch angles" simply by adding keyframes to change the compositing opacity at the right times. I can see that this wouldn't be practical if you were working with more than a couple of cameras, and you can't add other types of transitions with this method, but when you're finished, you still have only one clip for each camera. Am I crazy for doing it this way?

Thanks for sharing your experience and perspectives.