Based on my little knowledge, a "local" effect works only on single event (eg, a note of a synt or a sample), while a global event works on all the sounds played on a orbit.
So, the effects that modulate the time in my opinon works better as global effects (e.g. reverb/delay/leslie of superdirt), while other kind of modulations (distortion, waveshaping, filters, tremolo, phaser, etc...) are good as local effects.
I'm trying clouds as local effect, but it's not good as when it's a global one.
Rings works well as local.
(ps: to turn them off, when there's a gain (like for clouds) I set it at 0, if there's no gain in the ugen, I add a * <effectname>gain
)