Timewarp effects are preset effects that are based on the Timewarp effect used by Avid Media Composer Adrenaline.
You cannot modify these effects but you can change the way that the system renders the effect by selecting options in the Render Settings dialog box, available in the Settings scroll list of the Project window. The Blended Interpolated and Blended VTR rendering options create a smoother effect than the traditional motion effects. See
Creating and Using Render Settings.