This is my idea on how note effect editing could potentially be done in V4.
In music tracker software, effects are placed on rows. Notessimo V4 uses 4 rows per beat, effectively giving you 16th note resolution for effects in 4/4 time.
(for more resolution use 8/8 at double tempo for 32nd resolution, etc.)
Clicking the pencil icon for selected note accesses the note editor. This is where you can edit notes more in-depth such as setting an envelope, filter, or tracker effects.
Under note effects you can set tracker effects for the selected notes. You can choose the type of effect, the default value, and enable line edit by clicking each which will bring up the usual white menu that is used throughout V4. Enabling line edit overlays the notes with the effect notation and allows you to edit the parameters for individual rows by clicking the overlaid parameters on the note in the sheet viewer. You can set the parameter to - to disable the effect for that row, 0 to continue the pervious value, or change it so the effect changes during the duration of the note. A useful tip is the set the default to 00, then change rows where necessary, the 00 will continue the effect.
As stated by Starburst, notes can have multiple effects applied. By clicking the plus icon under note effects, you can add multiple effects to the selected notes. The currently selected effect is the one that will be overlaid on the sheet viewer when line edit is enabled.
In this example picture, I have applied a vibrato effect to the selected note. I have chosen the default value of 86 and line edit is enabled. When setting the default value you will see what the values do, in this case, x is speed of 8 and y is depth of 6. Row five is clicked and the menu to edit that row’s parameter is seen.