The CS-3 is designed for guitar...there are mods that can be made to it to make it more bass friendly...ie
Humphrey Audio Mods and I think
Keeley also does the same mod (don't quote me on that). I'd use the LMB-3 and throw the CS-3 in a drawer for later.
The reason I mention the compressor in a
bypass loop with an
OC-2 is becuase the OC-2 is supposed to track better with comp in front of it. Putting it in it's own loop with some Overdrive and a Comp will give me all three pedals on with one stomp. I already have and LMB-3 2nd to last in my signal chain and I like it there, so the extra comp would be bypassed all together when I'm not using the Octaver.
Make Sense?
[EDIT]This is a little more than just novice effects use, but it will give you an idea of what you can do with FX.[/EDIT]
In the end there is only one rule...
experiment. If running two compressors...or a compressor and limiter sounds good to you...then by all means....
PS...
Compressor Reviews. I always link talkbass user bongomania's website when compressor/limiter discussion comes up. It is a great resource.
This link will help explain the difference between the two.
http://www.ovnilab.com/articles/limiter.shtml