Actually, that's about the exact settings that I used recently on a set of live recordings for an old band I was in.
Great minds and ours think alike.
Spectre,
I think my response may have been a little off-the-wall vis a vis what you were looking for, but I think the kind of music you play and the strength of your music will necessitate what sort of compression parameters you want to apply.
A specific answer to your question would depend on what you think about your music.