Not sure how things work in C2, but in C3 there is no drop down box to select the effect.
The effect is selected based on the string value you place in the effect box.
If the string value matches an effect present in the object, then that effect will be referred to for the parameter index and value options.
Parameters work the same way, there is no drop down box.
If the parameter index is set to 0 and the value is 50, you apply a hue of 50 to the object.
If the parameter index is set to 1 and the value is 0, the object will have 0 saturation.
If the parameter index is set to 2 and the value is set to 120, the object will have a luminosity value of 120.