Is there a way to colorize part of a clip and keep the rest black & 
white other than using a rectangle or a circle ? I need to rotate 
the shape on an angle and region filter will not allow that.

Any suggestions?

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[RexEdit]
Put two copies of the same clip on the timeline with a Alpha Wipe 
between them. Make sure the Alpha Wipe transition spans the entire 
length of the clip.

Add Monochromatic video filter to one of the clips (depends which 
way you make your alpha work).


If this doesn't work, you can use a Xplode Animated Alpha instead 
of the standard Alpha Wipe to rotate an alpha map.