Actually the HM-2 is also a pretty common pedal to see on shoegaze boards, place it after a reverb and you have a huge lush metallic noise reverb pad-esque effect (I don't play shoegaze, but I do utilize this, for my dark drone/ambient and stoner/doom rock projects, except I use a Metal Zone stacked into a Joyo Orange Juice overdrive, which does add a much tighter grind and grunt to the Metal Zone distortion, instead of a HM-2).I'll admit that my Rats get more use for sure, as they are more broadly usable in mixes. But if I'm talking pure unadulterated heaviness, and I just want sonic destruction with a smile on my face, nothing does that for me like an HM-2!
I absolutely LOVE the HM-2 and all of its glory, but you've nailed the problems with it on bass for sure. It's a challenge to make it work in the mix. I've found that for my guitar needs, a simple 4 knob clone is perfect - the added features usually get in the way. But on bass, I've spent years finding the "perfect" HM-2 tone. The Bear Amps Heavier Metal is it for me. (At least so far...) The Dunwich DIY HM-2 is also excellent, but mine needs some tending to, as one of the knobs doesn't function properly. Then it may be #1. But the Arion Metal Master is no slouch at all, and beats out pretty much every other clone on bass, and for much less money. If you find one cheap, give it a shot as I think it's worth it. It it matters, I also NEVER run the HM-2 with the knobs maxed. On bass, I find that a standard 4 knob setup needs less gain (usually between 9:00 and 10:30) and a small reduction in highs from max. I max lows, and use volume to taste. This keeps plenty of bite in the signal, but keeps the bass clear enough without being washed away by too much treble. On guitar, I do similar, but it's usually around 10:30 to noon on gain, and with the high and low knob positions from earlier swapped. It does the opposite - keeps the lows from overtaking the distortion and gives me a clearer attack with guitar.
Oh, and this is for a very heavy cutting tone on either - quite similar to the old Swedish death metal bands, but not quite exactly that. It's NOT shoegaze or whatever tones, though, I'm pretty sure. Not overly familiar with that genre.
Anyway, hope some of this makes sense and helps anyone dialing in an HM-2!
Also I assume you have heard of the Blackgaze genre? Blackgaze combines Shoegaze elements with Blackmetal elements.
Actually a lot of great music in this genre, if you ask me.
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