Layers.... you have to separate the area you want to apply the effect to on a separate layer, then apply and animate your effect. You just can't do in with one layer. Layering, roto or masking, and opacity transitions are some of the most basic skills you need to develop if you are doing visual effects. This brings up the question, are you new to AE?
AE will not show you only i frames or only p frames, but you can use motion, displacement mapping, and other effects to simulate this, IMHO, extremely hard to watch and not very creative way to tell a story.
Not exactly new to AE, but haven't done much stuff besides basic animation and i haven't use it in quite a long time. I've copied several layers, applying different effects and opacity settings but still, i think i'm missing a few details. Even thought this effects is weird and i'm sure i'm not going to use it very often, i need to learn it for a specific video when it's use has a special meaning.
Do some research on roto and track mattes. Apply your track matte or roto to a copy of your layer, distort that layer, then do a opacity transition either using an animated mask, a gradient transition, or an animated track matte.
layering and roto will not work for a mosh
motion vectors from twixtor pro might help as a displacement map.
this tutorial might help? not the same thing but may lead you to a solution
if not just use another programme like ffmpeg