I've had this pedal before, and eventually decided, I'm not so much an Ampeg guy...My EQ on the ampeg pedal and main amp remains neutral.
The think I learned, at least on the one I had, is that the noon is not necessarily unity on the eq's on that pedal. It is a +/- (boost/cut) pedal, but for whatever reason If I put mine with every knob pointing straight at 12 o'clock, it would not be unity across the board.
Having said that, If it's working, it's working!