There's just no way anyone can tell you a 'good' setting, because it really does depend. I usually don't compress the signal when recording. I might compress the bass before it hits the mic though, as part of the sound. It's much more common to compress during mixdown, yes, but it really depends on how well the bass has been played, what kind of music you're playing etc., so no easy answers here, sorry. Try to get hold of some articles about compression, there are quite a few good ones, try to do a search here first, 'cause this topic has been discussed sooo many times.
Good luck,
David