I think you may be mistaken here. You can't select multiple clips/images on which to add an effect. If you are in story board mode, it may seem that all the clips highlight blue if you do the clasic Windows SHIFT and select first and last clip, but as soon as you select an effect it defaults to the first clip selected only. It's the same with transitions. However, you CAN select and delete multiple clips from your sequence in this way.
Again, in storyboard mode you can select 0,01 for the clip duration and it will default to 0.0 However it seems this IS ZERO seconds duration. i.e. The clip in question doesn't play. Check the time line above the sequence...it remains at 0.0 (In fact 1/100 second is really too short for animations.)The shortest Options default for images is 0.1 seconds (which works OK for most animation made with single images. The fact that you can actually enter 0.01 to the storyboard box but not in the Options default box may simply be an oversight, or possibly due to the fact that the "Options" box uses down and up arrows to change the value and stops at 0.1 anyway)
Now if you really want it 10 times faster than thge 0.1 second default, I think the best way for you to proceed if you have 1000 or so images is to set your default to 0.1 seconds under "Options" and then add all the images automatically to the sequence line in the correct order from your media list. As you have so many you may have to do this from the list page by page. The sequence will now be your animation at 0.1 seconds per image.
Now save your animation to your PC as a suitable avi. You MAY find this plays to your liking
But if you think it is still
Reload the avi back into VP (it will now be a single clip) and set the speed effect so as to give the animation you are after. If you want it to be the equivalent to 0.01 ( 1/100 sec per image....10x faster) you will (theoretically ) need to set the speed slider to 1000 (i.e 10 x 100%) but you will most probably find this won't work. 500% gives a fast flicker of the images. It's up to you.
There are lots of different plugins on the Virtualdub site that will work with VP but I am not sure if there is a speed up feature that will work in the way you want though.