| Quite a few of us that used (or still use) 2 channel rack compressors, such my old Behringer Autocom, to 'double wrap' as Deluge puts it.
First channel was set to gentle compress with a fairly low ratio and low threshold, just to smooth things out. This was fed directly in to channel 2 set to catch the errant peaks (limiting) with high ratio and high threshold. Some other rack compressors (Composer Pro?) have compression and peak limiter in the same channel which effectively does the same thing, but the daisy chaining technique gives a bit more control on the limiting.
The other thing you can do is have one at the start of your signal path set to gently compress, then put the other compressor in your amps fx loop, at the end of your signal chain to act as a peak limiter. Perhaps try something like this
Or, (and this might sound crazy). Split your signal, go through both units in parallel, and mix them again into your amp. You may then be able get the punch from one and tone of the other together.
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