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Maybe just make a New > Color Matte that is white and use that in sequence, and manually configure opacity keyframes to get desired results? Dip to White has a fixed purpose and is not going to allow for much modification.
It can be a temporary solution. But all works fine in the Adobe Premiere 12.0. And now it is broken. So, a question is: Why users should invent non standard solutions instead of using the verified mechanism? Will it be fixed in the next patch?
Dip to white has been reengineered so that new features could be added—like the ability to create a preset. For any shortcomings of this new version of the effect, as others have discovered, kindly inform the devs here: Please add back the percentages feature in Dip To Black/White transition. Why break it? – Adobe video & audio apps