I discovered awhile ago that some G-K heads can be rough on cabs - my 700rb-II is one of them... I really like alot of low end in my sound, but after I toasted 2 drivers in my PH610, and another area bassist toasted 2 more, I started looking into it...
First off - although it sounds killer, using the 5 string setting really makes the cones move ALOT - don't use it...
2nd - I started using a comp in the effects loop, to smooth out transient signals... These G-K heads are capable of really slinging the juice - you need to pay attention to that, or your cabs will suffer... I ended up using a dbx266, set at -15db for threshold, 3:1 for ratio, 1-2 o'clock for both attack and release, and output gain @ +5db... those settings didn't make a big difference sound-wise, but kept the 700rb-II from creating excessive cone movement - I haven't blown a driver since going this route, but still have great sound, with plenty of low end...
I think those G-K heads have such a robust poweramp section that they don't have any "sag" when hit with a strong sudden low end signal - they just power right thru it...
IMO, some light compression in the effects loop, lose the BBE, and add speakers - atleast eight 10" speakers for a band setting like the OP describes is a prudent measure, IMO...
- georgestrings