Vectorising raster effects? a lot of work..... Give the Astute plugin a go, they have a fully working 14 trial for illustrator.
The plugin is great, but not perfect:
Its biggest flaw is the speed – but this is not Astute's fault – I'd blame Illustrator... it's a memory hog and in my opinion the program is not effective when it comes to performance. I *thought* vectors were not only resolution independent, but also small i file size and quick to render. I *thought* that, because this is how things were back in the Corel Draw days. I have not used Corel for ages (and would never ever ever ever go back), but I remember it was possible. I have since worked on Deneba Canvas (now ACDSEE Canvas. Great program - easy to learn, for the record) and then Illustrator. (rather steep learning curve).
I have big hopes for AD as I have lost faith in Adobe. I use Photoshop, Illustrator and InDesign on a daily basis, but the programs have stopped evolving. There are still things missing, there is still room for improvement, there are things I have been waiting for for years – but updates only seem to expand their RAW support. Yawn. Subscription model doesn't make it better.