I want to get a clean recording but I don't want to damage the natural bass - I'd rather just stop it distorting and being over-powering.
I always used the second lowest setting, I think 16Hz. That was AT853s > SPBM-2 > Sharp MD (line in). I recorded Tool, 2 Ozzfests, Mudvayne, Slipknot, Ill Nino, and other HEAVY bands in both arenas (4th row for one Ozzfest) and PACKED tiny clubs (Mudvanye at Northern Lights in Latham, NY where you could barely breathe) and never had any overloading of bass, had some clipping a few times but that was a level messup more than anything. However, I LOVE bass in my recordings and you can always turn down the bass on your EQ if you don't like, but you can't turn it up and create non-xistant bass.
Like has already been said, do what you think sounds best. Others will enjoy your recordings regardless, so do whatever makes you happy. I've had people complain some of my stealth recordings were too bass, but I love 'em.
If you have a local club that has like 5 LOUD bands play a night, so stealth the show and make bathroom breaks between acts to change the bass settings. I did that some Battle of the Bands locally when I got my first switchable battery box and that's when I realized that the lowest setting worked best. I THINK that the setting means that any bass above that frequency is cut off...so the lowest setting SHOULD get rid of any distotion caused by the bass. The higher the setting, the more bass you are telling the battery box not to send to the mics. That's like "Bass rolloff for dummies" and I could be wrong...but that was my conclusion.