Unfortunately, you can only apply one animation at a time.
You can, however, duplicate your title, put both titles end to end and apply an opening animation to one and an closing to another.
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Along with Steve's tip on doing two Titles (probably the easiest way to handle this), would be to use Keyframed Effects to create your animation. Since Drop Out By Character, is the harder one to do by hand, I'd just add a Blur to the Title, and Keyframe it to start out heavily Blurred (maybe even with a lowered Opacity, also Keyframed) and then Keyframe the Blur out, where you wish to have the Title sharp. Then, add the Drop Out By Character.
The beauty of Keyframing the various Effects is that you can control many at one time on a single Clip. However, the concept is not the easiest to initially grasp. Once you do, you'll likely use Keyframes in lieu of most packaged animation Effects.
Steve has a good series of articles on Keyframing on the Muvipix site. Do not recall if they are in the "free" section, or not. Since there is a ton of great material, articles, tutorials and also Assets, like Motion Footage and Menus there, a subscription often pays for itself in one day of downloading.
Thanks guys; that's what I needed to know. Glad to finally get a definitive answer on it. For now, I'll probably duplicate the titles, but I'm definitely going to start messing around with keyframes soon. Have a good day.
Good luck, and trust me, once you unlock the power of Keyframes, you'll likely never go back! With Keyframes, one can do much of the work that would otherwise have to be done in Adobe AfterEffects. Now, I'm not saying that AE will be obsolete, as it has such vast powers, but you can still do so much in PrE and PrPro with just Keyframes.