Picking up on this and I appreciate this will be a general guide rather than a hard and fast rule, with a dual band would you look to have more compression on the higher energy low strings and less on the top strings? And how would you combine that with attack / release settings - again as a gen approach?
The flip side, I guess, is what our hearing is tuned to i.e. we're usually much more sensitive to mids and highs than lows.
I would twist the knobs until it sounds good.
But seriously, I would twist the knobs until it sounds good.
There really is no other answer as the right compressor settings depends on the tone of your bass, your playing style and what you're trying to achieve. If you're mic'ing an amp the tone of the amp and the amp settings will also matter (although if it's a tube amp I often find I get all the "compression" I need by pushing the amp close to, or slightly past, the edge of breakup). What you are asking for is basically a "preset", which is usually a recipe for poor tone.
But like I said, I generally don't use multi band compressors for bass. But I do tweak the compressor settings. In the studio I usually use a HPF in the side chain to avoid overshooting on low notes. In fact, in the studio I often use a multi band EQ in the side chain to get the compressor "moving" the way I want it to (combined with attack/release settings to shape the envelope of course).
In live settings I use relatively simple bass specific compressor pedals that are able to handle bass without too much hassle. Simplicity is important in a live setting IMO. It's just a matter of finding a pedal compressor that sounds and "feels" right for your playing style (which can be a challenge in itself...).
I will gladly admit that it took me YEARS to understand compression, and I still don't consider myself anywhere near an expert. I never really got the hang of it until I got into mixing/engineering. Compression is BY FAR the most difficult effect to get right. I honestly don't understand how anyone can "learn" compression by twisting knobs on a stomp box while simultaneously trying to play their bass in a room that probably doesn't sound great. In my opinions the best (probably only) way to really understand compression is by using a good plugin (like the FabFilter comp) on pre-recorded material, in a good listening environment.
Most bass specific compressor pedals are tweaked to sound great with bass of course, but the more knobs, the more potential to dial in a poor tone. And all compressors sound/feel different, even when they're designed specifically for bass. It's still a matter of finding a compressor that that works for your playing style and provides you with a tone/feel that you like. And if you're relatively new to compression: The less knobs the better.