Hmm, actually, reading over the Adobe info again, it looks like it's just not possible.
To place a transition between two clips (centered on the cut line), the clips must be on the same track, with no space between them.
I was hoping there was a trick I was just missing. Ah well. I'll work around it then. I'm used to software that allows effects to work independent of clips so you can place it anywhere on the timeline in its own layer and all tracks beneath it will be visually effected by it regardless of which tracks their actually on. Just gotta get used to this.
Ha, thanks, I was just answering my own question before you replied lol I read through all of that before but didn't notice it saying they had to be on the same track, I think I just noticed it saying no space between them.
Premiere has the same, its called adjustment layer.
You can drop any effect on it and effects all the underlaying clips. You can even add a (double-sided) transition.
The transition on an adjustment layer will not effect the opacity of the underlaying clip(s).