Hey man, that's a good question. I'm going to cut you off right now on the "what's the best setting" thing though. Every single different mixer/musician is going to disagree on what's the best setting. There's no shortcut here, you just have to experiment with different settings and use your ears until you find the one you like best.
Also what kind of sound are you going for artistically? You could go anything from really murky 80s style where half of what you hear is reverb, "new age" style, where there's a ridiculous amount, or more modern pop style where sometimes not much at all.