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Dan, use the Razor tool and make a splice in the middle of the clip. (Or, move your Current Time Indicator "red line" to the frame you want to splice, and from the top menu choose Sequence > Razor at Current Time Indicator.)
This splits the clip into two. Simply apply the effect to only one of the clips.
Hope this helps. -Jeff
KEYFRAMES allow you to vary an applied effect over time.
Thanks guys! I'll check it out. I really appreciate the help!
"KEYFRAMES allow you to vary an applied effect over time"
Yeah but Premiere will still need to encode the entire clip even if you've keyframed the footage for no effects. Jeff's way is the best.