After tinkering a bit with, I'm settling on this when using the "studio" set-up (Bass > Tu2 > Zoom B1on (amp sim + clean or OD) > LS-2 (Zoom MS60B for fxs) > Zoom L-12 console:
gain switch on
low cut off
gain knob at 1
auto speed
slope compress
opto comp on
threshold slot before +20db
output -24
If I use the gigboard at home (bass > G-30 wireless > TU2>M87 comp > MS60B (OD or clean) > LS-2 (MS60B fxs) > GEB-7 > JDI > B1on (amp sim) > L-12 console), I simply shut the comp off and use the thing as a tube preamp.
One thing tho: haven't figured out the phantom power yet... the L-12 has 48v phantom power, which matches the MP/C needs, but it simply doesn't light up.. maybe I have a faulty unit.