If I record LSD2 & FR-2 T-mod, I always cut bass somewhere when recording rock, especially in a large venue.
If not at the mic, at the deck or in post.
Basscut in post is a tricky thing.
What sounds good on one system can sound like ass on another.
I have gotten a feel for my current monitors and the visuals, so I have a starting point.
I then make CDs and listen in two cars (one high-end, one low) and on the mothership, my home system.
If I like it overall, I call it done.
Now other processing... I have LPF or high-cut when I had mics positioned at horns and the highs were tiring.
I have de-essed small stealth mics when they picked up audience chatter that had loud, high essing (swwsss sounds).
This was from a pair of chatty young ladies that were too good to look at to chase away from the mics.
100% of the time done DSP, with software processing in Wavelab, SF, or, usually, Adobe Audition.
The "secret" is to take time to do it, listen to what you have changed allot and on different systems, and even get a 2nd opinion, if you are unsure.
Also worth noting is that if you plan to do audio editing, take good care of your ears.
See:
HEARING NEWS