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What would you consider excessive?

I have a GK 700 rbII head and the manual says to use the -14db cut if the peak light comes on excessively. I play with my P Bass turned all the way up (with a pick) and while I wouldn't exactly say it comes on excessively, I would say it comes on maybe....intermittently?

Anyway, what harm will this do if I am wrong and I am peaking excessively?:confused: