Is there a keyboard shortcut that allows me to select layer/effect properties in the same way that Cmd+Up Arrow and Cmd+Down Arrow allows me to select layers? E.g., is there a way to use the keyboard to move between the parameters of the "Lens Flare" effect in the Timeline so that I can adjust keyframe timing, etc.? I've tried looking in the reference manual but I'm afraid I'm not looking for the right terms. Any help would be greatly appreciated!
No. AE doesn't support pick-walking for properties.