My normal method is to do a hard limit to chop the very peaks off, then do a light compression of somthing like 10:1 , compressing at -6dB, or whatever is required for the track.. then another heavier pass at about 25:1 at perhaps -7dB, and repeat the process untill you are as compressed as you want. Make sure your attack/release times are nominal for the track.. you dont want any cymbal hits being cut off, or any pumping bass drums!
Usually for me I rarley need more than one or two passes on it, I like to keep my music nice and dynamic and natural sounding ... gives it a bit of space. Usually, I will do a bit of outboard compression on a kick drum mic and maybe snare drum mic if its required for that particular track. I *never* gate any mic on a drumkit.