Yeah I used to, but now I use a model of it (well, I think it's the LMB3, It's on my Roland VB99 and they call it 'Limiter' so probably is). Yes i set the threshold quite high then have the ration 1:infinity. You get a lot more besides that on the unit too, so I adjust the ratio, attack etc for each instrument I have. All the different comps in it sound different but if I set them up the same as the LMB they do the same job because they all have an adjustable ratio up to infinity.
On some basses I set the ratio a bit lower, because the bass in question sounds quite even and compressed anyway so there's no need for such a hard 'shelf' however on for example a P with flats I like the limiter keeping me in lane so to speak and giving me that solid fundamental cutoff before you enter muddy 'woof' territory