The compass point should be lying on its logitudinal axis, just kissing the top plate.
Open the compass until it reaches the height of the biggest gap under the bridge foot when the bridge is in the proper position, angle, etc.
Then use the sharp pencil on the compass to draw around the bridge foot, keeping the exact same relationship between the compass point and the top plate at all times.
I don't have a bass template, though I do have them for the smaller instruments. What I tend to do, though, even on the smaller instruments, is to determine the distance between strings at both the nut and the bridge, and mark them, and, before I ever begin the bridge, I go ahead and file the nut to a very close approximation of the final shape, knowing I may deepen the string grooves later.
When I begin to cut the top of the bridge. I use a pencil (and stick, in the case of the bass) to project the shape of the fingerboard out to the bridge, then lay out the string locations. I give myself plenty of extra room, as cutting off too much is an expensive error, but I am laying out the curve at the height I expect the strings to be on the finished bridge.
Then I cut the curve to the tentative height and curvature, cut shallow string grooves in the correct locations, and set it up with strings. (This is a good time to check the relative distances between nut and bridge/bridge and tailpiece, too. I shoot for a 6:1 ratio.) The actual heights of the strings above the Fingerboard, once at the desired heights, together determine the shape of the top of the bridge. I can carve, and file it to an aesthetic shape, but the location and height of those grooves has to be correct. I try to file away enough at both the nut and the bridge, that 1/2-2/3 of the string is in the clear above the wood.
I extend the grooves on the pegbox side of the nut far enough that I can see that the string will not cross a sharp edge. At the bridge, I follow that same idea, but, habitually, I have probably extended the grooves further than was necessary, in both locations. (Room for improvement.) Finally I polish the nut, complete all the final cutting away of excess wood on the bridge, and lubricate the grooves with pencil graphite.