Current Avid versions auto-conform effects used in sequences, but do not conform effects stored in bins. Until Avid supports this properly, use the following workaround: before upgrading to v7.5, first make a temporary sequence with black on v1, and put each preset on that sequence. Then upgrade to v7.5 and uninstall the older version, load the sequence, and the Avid will conform (upgrade) the effects to Sapphire v7.5. You can then drag the effects back into the bin, replacing the old ones.