| It's trickier than that. For example the sound could be compromised if -for example- you used the EQ to boost your highs, which usually increases noise, and then fed that into the compressor, which also amplifies noise. Or for another example, if you boost the lows very much then the compressor will be triggered all the time, causing a reduction in the audibility of your mids and highs, especially the highs.
On the other hand, if your bass is naturally very boomy with loud lows, and you find it hard to get a decent amount of compression without losing the highs, then you can use an EQ first to raise up the weaker frequency ranges so that all frequencies go into the compressor at a more even level, for even amounts of compression.
There are all sorts of creative possibilities, but that also means there is room for making your sound worse, too.
If you are going for maximum squish your best bet is to turn the EBS's comp knob all the way up and then feed it a very hot signal (for instance by boosting with the EQ); but you have to find the right level, because if the signal is too hot it will cause the EBS to distort.
It's all about experimentation, finding the right levels using your specific bass, rig, and personal style. | 
