I use the compression level 8 (best), there is no other setting on my software to change.
I also remaster using a 20 band Eq. and ensure that I don't clip by using the meters and finally the diagnostics on AACS5.5. I always remaster using the headphones I will be listening with on my PSP, since using other headphones will defile any adjustments I made to the Eq.
Remember the purpose of using an Eq in the first place is to adjust to your ears any thing that sounds to quiet in relativity to all of the other frequencies. Basically I make the highs a bit stronger cut the lower mids a tiny bit (3 or 4 Db) and bring the bass levels up a bit as well. This makes up for the shortcomings of my phones and also my ears, since my hearing sensitivity drops off in the higher freq. by about 6 Db or so depending on the particular freq.