Hi Aim...
Couple of things, and you might have to set me straight. As a FCP user and a Windows Movie Maker dabbler, I'm not sure if you can get the amount of video you need to do your production you need to get into your computer with a 40 gig hard drive. You might need more storage space...secondly, Windows Movie Maker is a little handcuffing because you actually have to construct your titling in Windows Paint program and export it into your collection/project. I don't know if you've considered this. It's kind of a hassle to do this, and you cannot scroll any of your titling from what I've seen. As for simple effects on WMM, I've only been able to make dissolves in WMM...perhaps all this has changed since I've dabbled in it, but for inexperienced movie makers out there, it's a good beginning program to understand the basics of editing. I do know that my iMovie application within my Mac allows you to do this kind of editing with simple effects and graphics.
As far as exporting, mine only allows me to save and email my video, so that's as far as I've gotten with WMM.
Just my 2 cents. If I'm wrong please clarify for me. Thanks, and good luck.