after an initial search, it appears the placement has moved from masterclips to source settings. I think your best bet is to use the 3rd party project program that edits the actual premiere XML file and changes the source settings.(make a copy though!) edit: I can't find the program right now, but you should be able to decompress/unzip the project .PRPROJ from tar to text format, and do a find all - replace all with a free XML editor.
I'm just saddened, to put it politely, that Adobe has not thought it a good idea to offer this as a simple option. There are so many simple options for things we don't use that often. Here they have decided to let RED footage come in with a 'look' on it but offer no way of seeing the raw footage.
In the end I had to go through the timeline and right click each clip, master effects etc.... crazy... especially as it's a feature length project.