I constantly track with compression and EQ. Than again, i am also producing a lot of the stuff i track, and my clients come to me because of what i add. I also have a rack of awesome compressors, as well as a large console with awesome EQ's.
Personally, I would try and use mic selection first, than mic placement, than mic preamp selection to get the sound you want as close as you can before EQ. Then add a little compression for flavor if you want, but NOT for voplume control. Then add some EQ. If you find it takes a lot of EQ to get what you want, then you should reevaluate to make sure you really are using the right instrument, amp, mic, placement, pre, comp, EQ etc.... and right on down the line. If it takes a lot, than you are either laying a really weird sounding track for a purpose, or you have made a mistake somehwere else in your chain, or your equipment/room options need some expansion. Usually this only happens because somewhere in the signal chain you have mad a mistake or overlooked something.