Yes, set it flat, use each band, one by one, up, and down. Get a feel for it first, then, use it sparingly afterward.
+1 There is no formula that works for all people with all basses using any amp in whatever room. There's a lot more to EQ than that. Just experiment with one slider at a time, think cut more than boost, and if you have to move many sliders past +/- 3db it is time to look re-evaluate your bass or rig.
Start with everything - tone (Bass/Mid/Treble) as well as graphic - flat. Play like that for awhile. Try each tone control, 1 at a time adding & cutting a little, & play each for awhile to see what the effects are.
With the tone controls flat, try out each graphic band. Give each a little boost & a little cut by itself & play that way for awhile to get an idea what each does.
Chances are each of your Bass/Mid/Treble controls overlap 2-3 of the graphic sliders. Play around with the tone & graphic controls to get an idea of what combination of graphic corresponds to the tones.
Play every note on every string of your bass. Try to find notes that are too loud or too soft. Try boosting/cutting different bands on the graphic to make them all sound about the same.
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"I spent ten years starving to death playing great music. I write a one-chord song about poontang and make a million dollars. What would YOU do?" - Ted Nugent
9 band eq settings anyone? 
