All right, so I used three layers, including the grunge layer at the top.
On the first layer, I had a black and white, glow, and two cookie cutters. The black and white was set to 100%. The glow was set to 0.0 on Glow Percent, 2.424 on the intensity, and 0.136 on the suppression. Like this, I made it so the glow is visible and has an effect, but doesn't overpower the image/clip. Both the cookie cutters were make a small difference to the center vs the outer edge of the clip. It might be hard to tell, but it makes a difference IMO. The first cookie cutter (can be irreversible) was set to square, and the feathering at .55, 0 border, Repeat X on 10, And the size on .510, so you can just see it around the edge. The second cookie cutter was the same except it dealt with the Y.
For the second layer, copy the clip (with the FX) on to a track above. I removed the cookie cutter, but I don't think it is necessary. Go grab a linear blur, and make it completely vertical (90 degrees). I had the amount on .102, but it's a personal preference. Then change the opacity to whatever you want (I had mine at 50%), as long as it is clear to see the linear blur is blending in with the first layer.
The third layer was a grunge. I put the track mode on Multiply, and lower the opacity a little. The grunge I used was from Riot Gear, but I think you can get the same result from just about anywhere; deviantART might be a good place to start looking.
Here's another preview, I had four layer before, but now I only have three. IMO, you can see a clear difference.