Hi, this should have been fixed a while ago. Please let me know which effect you tried to upgrade so I can check the logs and see what went wrong.
As for the effect appearing below you, this is caused by the constant changes to an internal gmod function that scales and positions the effect. There have been several changes as to how the function handles it's arguments, which causes some effects (and models) to appear in weird places. Fortunately, there will be a definitive change in the upcoming patch, at which point I can have a look at all the messy effects / models.