When in doubt, use a small-diaphragm condenser (SM-81, Oktava MC012, KM184, etc.). IMHO, it will almost always work on nearly everything, period.
Obviously, close up loud percussion will benefit from dynamics. I don't think I've ever put anything on a tabla that sounded better than a 57 or an M-88.
BEWARE THE TRIANGLE - That's probably the "real" part of the test. There is no meter that can read the transient that little crooked piece of metal kicks out. The best way to set up the mic is to do the "jingling keys" test. If you can get jingling keys to sound natural from 2ft away, you're on the right track. Also, a set of jingling keys is easier to dial in than the sharp transient of a triangle. Obviously, the triangle can be pretty far away and still sound very clear and clean just from the physical qualities inherent in the instrument.
Compression - Don't use too much. Settings are on a per-sound and per-formance

basis. Settings will differ greatly due to the volume and speed of the performance. If you stay in "play-it-safe" mode, you should do fine.
INDUSTRY (not so) SECRET - Most compressors actually have a nice, useable "play it safe" setting with all the knobs at 12 o' clock. Thats no accident. Obviously, if there's more than a few dB of reduction at that setting, play with the threshold or the ratio a bit. THE MAKE-UP GAIN KNOB does NOT fit into this equation on many models.
Hope that helps a bit...
John Scrip -
www.massivemastering.com