I never use a ratio more than 2:1 on a mixdown.. Usually around 1.5:1. Threshhold can't really be pre determined.That's a matter of listening and experimenting.I use in the niehborhood of a fast attack, and a moderate to slow release in most cases, but this doesnt always apply depending on the music you are mixing.Music thats more legato would be a long release,or quicker music may be a shorter release.A fast release time combined with a close compression ratio can make the signal seem louder than what it actually is.Too short of a release time with a wide compression ratio will make the working of the compressor audible.Of course you want it to be transparent.Too short of an attack and too long of a release can give the signal a reverse effect,especially with transients. This is turning into mumbo jumbo.Bottom line is USE YOUR EAR. A good quality compressor wouldnt hurt either.
Bill