OK, so I've fiddled around with this for a while. It does provide many different tones.
The only spot that I found to be useful sounding wiht my setup at the moment is Shallow 3, which is a cut centered at 2kHz. This is the same as the infamous Deep 4 setting, just not as much of a cut. Deep sounds too muffled on my gear, but maybe with additional twiddling it might work.
Shallow 3 seems to eliminate some of the clanky, twangy, finger squeaky noise I usually get. I play fingerstyle and use my nails, so I get more clank in the attack than someone who does not. At this setting I can kill some of the annoying part of the clank but still get some attack with my nails that I like.
It is also a killer slap tone, to my ear, so I've suddenly been busting out the thumb after years of neglect. I forgot how much fun that is.
At the moment this sounds good to me because that 2kHz frequency has been bothering me lately. (in the future I will probably think it sounds great!)
Unfortunately I am without band at the moment, so I have no idea how it will sound with drums and guitar blaring. I'm worried that this cut might diminish the clarity of the bass, but I don't know at this point.
I think I might be most satisifed with a true parametric, which would enable me to more precisely control things. But it adds additional complexity and I'm not sure if I want another 10 knobs to worry over.