How can I recreate the Dynamic EQ process?

When Audition was rewritten from the ground up as a dual-platform app, a lot of previous features weren't included in the first version (5.5) as it was essentially a 'proof of concept' release, and never intended to be a fully-loaded version of Audition 3. There's a list of what was not included here: "Features replaced, not implemented | Audition CS5.5" Since then, according to demand some of the missing features (the more 'mainstream' ones generally) have been replaced, but some, like Dynamic EQ, simply haven't ever made the cut and I suspect are unlikely to now, as Audition's heading in a slightly different direction. And other features have been reworked or altered - that's the nature of 'progress'...

Most (if not all) of what Dynamic EQ did can be replaced by using the automation system in Multitrack view to make real-time alterations to filter settings, but I suspect that would be rather time-consuming. What most people do for anything like that is simply to leave Audition 3 on their systems and do the missing bits there, on the few occasions that they need to - all versions can co-exist quite happily.