No you cannot save transitions, however you can use the Opacity in the Fixed Effect any which way you like and save that as a preset.
Thanks Harm and Ann.
I was looking for something natively within Premiere. But it is nice to know there is that plugin. I checked out the link it looks rather cool!
The opacity trick will be the way I go.
To quote myself from another thread:
I keep a project with video and audio that has all of my favorite effects on them. I renamed the clips to tell me what effect they carry. Or, in the case of transitions, I use the same clip with the transition description as part of the name. The project also has my logo, some standard titles, and a variety of commonly use audio and video clips.
I just import that project into just about every new project I create.
I used to just copy and paste between the sequence with the effects on it (named Saved Effects0 and the sequence for my new project. It was a hassle switching back and forth, but then Ann Bens pointed out that I could just have the Save Effects sequence sit right on top of the main sequence. I have the room. I am using two 1920X1080 monitors.
Since it is easy enough to copy a transition and apply it to a new cut, this works for me.