It's not as common of a practice as the Internet would have you believe. Yes, there's a hard core group of some home recers who seem to think it's a good idea, but it's not as common of a practice in the more professional circles.
And you refer in your title to a high-pass filter, and then in the body ask about a shelf EQ. Those are not the same thing, and the slope and/or Q settings for either one mean something different.
With either one, though, if you really think you want to filter the bass on your non-bass tracks, you should be careful about setting the slope too sharply. It depends upon the internal design of the filter, but with many of them, if you set the slope too fast, you wind up actually creating a bit of a gain bump in the EQ curve right around the hinge frequency, before the slope starts.
G.