Saw some interesting posts over on The Gear Page(TGP) and not being sure if this has appeared yet on the forum, posted it over here. The idea indicated by the post I saw was thanks to a user named benefin.  The approach is to use the multi-band compressor instead of high/low EQ cuts to cut the boom/mud on the bottom end and ice-pick/shrillness on the high end. This way you can use the multi-bandcompressor to reduce instead of cutting the frequencies below for example 90hz and above 5khz.