If you can get hold of the book Home Recording For Musicians For Dummies by Jeff Strong, he has some suggested settings for different instrument/vocal applications. Keep in mind these are only suggestions based on his experience as an engineer/studio owner, but they do make a good starting point for experimenting and learning.
I don't know what the VF-160 is like, since I only own the VF-80, but I had to purchase an external compressor since compression is only available when mastering on the VF-80--so one can only use one compression setting. With external compression, I can vary the settings when tracking for each instrument/vocal part. In that case I simply don't use much compression at all when mastering.
Compression is one of those things best used sparingly if at all--unless one is going for some type of special sound like the Beatles use of compression on all their LP's during their "psychedelic period" from late 1965 - 1967.