From the New Features PDF that came with 7.5.
PROCEDURE
1.In the Inspector for your track, open the Quick Controls section.
For instrument tracks, the Track Quick Controls are set to the 8 default VST Quick Controls of the loaded instrument by default.
2.Click Preset Management in the top right corner of the Inspector section and select one of the presets.
The Track Quick Control assignment changes and gives you access to the channel parameters.
NOTE
You can also make your own assignments and save them as presets and delete, rename, or reset the presets to the default assignments.