I don't have a Cali, but two of my friends do. As I've recorded a lot of music I have some experience with compressor types, so here's what I sent them a while ago.
Attack and release on a 1176 style compressor are always super fast. The Cali is 0.3ms to 2.0ms attack range and 32ms to 276ms release range. Minimum ratio is always 4:1 (just like a 1176). Hearing the difference between 0.3ms and 2ms attack can be very difficult: it's the difference between hearing the initial transient of a pop when slapping or hearing a slightly more mellow attack. If you want to test this: add a loop pedal, record a short phrase and slowly turn the attack/release button with the dry button turned down. Listen closely how it changes the attack, and listen for pumping effects. A fast attack can cut off the initial transient, but a slow release as well (ie it's too slow to get back to the initial position before the next note). But as soon as you start blending your signal with the dry signal, it's even harder to hear. You can do do pretty outrageous compressor settings with the blend on 50%. You just get more oomph in your sound from the compressor signal. You don't really hear the compressor anymore, it feels more like saturation. By the way, the HPF (20 to 350Hz) only affects the
internal sidechain of the compressor: in your position it doesn't feed the portion of the audio <150-200Hz into the compressor so a sudden boost of low end (thumb muting a low B for instance) doesn't affect the compressor that much. This prevents the compressor from overcompressing the signal. The low end on a bass can be intense sometimes (especially around 80-100Hz) so leaving it out of the input for the compressor leads to a more transparent sound.
In general: for evening out you choose faster attack times, for more punch you choose longer attack times.
To summarize: with your current settings you're going for a moderately punchy percussive sound. You're keeping your transients (dry button is slightly opened) and you're preventing low end from affecting the compressor to much. First thing I'd try is: turn down the att/rel button so you get a faster attack and a more evened signal. Because you're mixing it with the dry signal, you won't lose your attack. Second thing is: check your (damping) technique. Compressors even out a signal, volumewise, so they also emphasize stuff you normally wouldn't hear. For instance, I don't play a lot of 6 string (primarily 5), but I always have to pay attention to the low B on a 6 when I'm moving up on the neck. Normally you don't hear that low badly muted B but as soon as I turn on the compressor, the signal is evened out (low signals are louder, loud signals are lower) and my bad 6 string muting technique is emphasized.
I'm not fully convinced your issue is related to the compressor, to be honest. Or it must be faulty. The current settings are moderate and shouldn't cause that effect.
