There are easy ways to do the split channels effect. One solution is to have three copies of your layer and isolate the channel on each one (so you have a blue channel, red channel, and green channel layer). Then set the top two to screen. You should now have something that looks identical to the original video. Then you can use any of your favorite distortion effects on each channel separately.
Alternatively, there is the Bad TV animation preset that ships with AE. You could use that on an adjustment layer as a transition.
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