I am not absolutely certain about this but I think that the effects made using the static generator might not come forward from Graffiti 4 to Graffiti 5. At least not automatically. I'll check with engineering to make sure though and I'll send along another note on the subject with the next couple of hours.
Well the word from engineering is that the effects will not automatically come forward that easily. There are two workarounds for the problem:
(a) rename the Graffiti 5 plugs to Graffiti 4 and the timeline should come forward
(b) install Graffiti 4 along with Graffiti 5 and maintain both sets
I strongly suggest that you go with option (b) - if you need a Graffiti 4 installer to do this please contact me off list (firstname.lastname@example.org) and we'll see about making that available to you. All new effects should be created using Graffiti 5 and you should only really use Graffiti 4 for maintaining the old timelines.