When I edit my parodies, I do all the effects in the latest iMovie, and all the subtitles in the old one.
To remove the fade in fade out from the old one, all you have to do is:
1. Double click the title itself, and a window should appear.
2. A section in the window should read "Fade in/Fade out" or something similar. Just adjust the slider to 0 and the fade effects should go away.
Hope this helps!