Beakybird, it's a hard job to give one set of parameters. A lot depends on the original file. Is it well balanced? Does it have a lot of dynamics? Just how low IS the recording? How loud do you need it?! What tools do you have for comp and limiting (some can be pushed harder than others)? Are you recording MP3's to start with, or are you using 24 bit .wav's?
Picking a well recorded factory demo MP3 is a good place to start, as that will generally have been recorded and mastered and converted by pros. That will give you a target volume and EQ balance. Convert it to a .wav, and convert your mp3 to a 24 bit .wav if you recorded using mp3 (which I don't recommend). Play them next to each other, and you will get an idea of how much massaging you'll need...
Watch out for vocals that might climb on top of the arranger too much. You'll have a hard time taming these without the arranger dropping out from underneath. Compression and limiting are just fancy forms of turning the volume down (in spots) and bringing the gain up - turn down the vocal with compression means you are turning down your arranger, too if it is a live stereo recording. If it's a multi-track, no problem, Just comp the voice independently of the arranger track.
But, in practical terms, I tend to use a soft compression, longish release (300-500ms), not much more than 2-3db of gain reduction if a track is recorded and mixed well, then off to the limiter, and again, if the track after the compressor is sounding good and even, just a few db of limiting. 3-6db, depending on desired loudness.
For those that are interested, I am a BIG fan of the UAD processor card, and their plug-ins, but this, unless you intend to do a LOT of recording work, may be a little expensive. Just try to make sure that whatever software tools you DO use are designed for mastering purposes, not simple instrument and drum compression (too drastic).
The ideal is, if the initial file is well balanced and mixed, the resultant file sounds IDENTICAL, just a lot louder... It's a lot harder than you think! Just don't squash the living daylights out of it, and let the limiter do most of the volume raising.
Keep comparing to the factory demo file, and when you think you have it close, stop! Then convert to mp3, and let us here it here!
Hope this helps...
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An arranger is just a tool. What matters is what you build with it..!