The effect (which can be placed (like a title layer) above your program has a selector for either the Safe Action/Title (with optional crosshairs) or one of two Grid overlays, either squares or 16:9 aspect ratio rectangles (both of which can be scaled to taste), for accurate positioning of titles and other graphics elements.
There are various controls for the colour of the various elements of the overlays and different components can be switched on/off as desired. There is also a slider that allows you to control the size of the grid. There should be plenty of control there without overloading you with too many options!
Note that there are a variety of Safe Action/Title effects out there of varying degrees of accuracy. I thought it best to adhere strictly to the BBC standard for this effect (Safe Action = 80% active width, 93% active height; Safe Title = 65% active width, 90% active height), but the specifics may vary in your territory.
* install into your User/Movies/Motion Templates/Titles folder preferably in a sub-folder called "Adjustment Layers")
** From the BBC White Paper on Delivery Specifications: Programmes for international distribution should always conform to the following configuration: 16:9 widescreen shoot to protect 14:9. 4 x 3 titles and captions should be “centre cut out safe”. This allows the programme to be meet the varying needs of broadcasters around the world. These safe areas are as defined and used within the standards documents ITU R BT.1379-1 and EBU R95-2000.