I've come across a great tip for reproducing a bleech pass effect in Premiere without the need for expensive s/w to do it for you.
Place the same video clip on layers one and two.
Throw a Video Effects -> Image Control -> Black & White on the clip in layer 2.
Throw a Video Effects -> Keying -> Multiply Key on the clip in layer 2
Viola - instant bleech bypass.
Just though I'd share.