Compressors and EQ tend to be used as processors rather than effects. The difference being a processor normally affects all of the signal, i.e. no "Dry" and an effect uses a blend of "Wet" and "Dry".
So an effects buss would normally be set up as "Send". If the buss is for EQ and Compression it would make more sense to use it as an ouput, although whether you'd want the exact same compression and EQ on four different guitar tracks is a completely different matter. You'd have that even if it was set up as a send though, but of course you could mix the "wet" and "Dry" together.
I normally use compressors and EQ on instruments on a per track basis. i.e. Track Prochannel or FX bin rather than on a buss.