First, there is no "right" or "wrong" way, IMHO. I think Gem hit it spot on in that whichever you do first, there are probably going to be a few cycles of tweaking each control before you get what you're looking for, regardless of where you start. (Take that, recipie lovers!
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But given that, the methods I am usually most comfortable with myself depend upon my main goal for using the compression:
- if I am mainly looking to control dymanics (e.g. level out the notes of a DI'd bass), I'll start with the threshold, based upon a fairly good estimate of at what level I think the dynamics are starting to get out of control. Start with a close threshold, then tweak the gain and the threshold to get the amount of control I want. Then finally the attack and release to get the "shape" correct.
- OTOH, if I am looking to shape the "sound" of an instrument (e.g. bring out or tone a kick or a snare), I might be tempted to start with the attack and release first, getting the edges of the envelope where I want them first, and then useing the gain and the threshold to bring the levels where I want them.
G.