Optimising proxy workflow

I use really heavy effects that require rendering before I can review and further tweak, this often means I'm slowed down by rendering effects on the timeline.

I'm working with 4k footage that has a 540p proxy, however when I render out the effects I imagine its rendering for both the 4k version and 540p version, which I'm guessing takes considerably longer than if it were to just render effects for the proxy.

Is there any way to specify if you want to render effects for only proxy footage?

I don't really want to go through the process of putting proxy files on the timeline then swapping them out before rendering.

Any recommendations for this type of workflow would be appreciated.

Lew