This doesn't answer your question, but I'm curious as to how the frames in the clip are moving up/down. Was this due to the camera being held in hand and jerky motions of the photographer?
If it's a few frames, you can select use the razor tool the isolate that portion of the clip, then use Video->Motion settings to move the frame(s) to desired positions. This may have undesired effects as now you will have to compensate for the entire frame being moved.
Another idea is to again use the razor tool, but use transitions to smooth the jerk movements.
If the entire clip has this problem, you'll probably be better off reshooting the clip on a stabilized platform.