elsongs
Been doing it since the old Sonar EQ. Depends on the application and other tracks. I use low-end rolloff to make room for certain instruments (kick drum, bass guitar/bass synth) to not compete for the low-end with other instruments. I also use it for cymbals/high-frequency percussion to make them more transparent sounding and less heavier.
Absolutely agree. If I am recording solo guitar, I am going to EQ the bottom end of the guitar completely differently than if I was mixing the guitar with a full band and need to make room for the bass guitar, etc.
Asking "what setting works" means nothing really, as every case if different. That's why these FX have sliders and knobs and not just an on/off switch, right?
You absolutely have to use your ears for each and every song. An arbitrary setting just isn't applicable. For instance, going back to the guitar example - where was it mic'd? At the sound-hole? At the 12th fret? You are going to EQ very differently for each position. What mic was used - omni or cardioid? Again you will probably be EQing differently depending on the mic you used due to proximity effect, or lack thereof.
I always smack my forehead when this type of question is asked.