I've been leaving the bite & speaker sim off, rolling back the mids & character to around 11 oclock with bass, treble & blend around 12 oclock. This gives me a flatter eq to work from.
Yeah, I like that the EQ is flatter with the Bite off. I still prefer the speak simulation on because it rolls off the top end like you'd expect with a vintage tweeterless cabinet. I think it would make sense to have the bottom end roll off controlled by that button also, instead of making it a function of the Bite control.