Eq settings can be a bit of an art form, also my approach to eqs is very much influenced by being an audio engineer (studio & live). I've always found the eq in the MP1 and MP2 quite fine for the job but if you want to use additional eq:
Hiss tends to be around 8khz to 10khz ish (but I've never had a hiss problem with either MP1 or MP2), remember presence boost is ~6khz so will add to the "hiss" area but also make the sound prominent (stand out/cut through) as between 1khz to 5 or 6 khz is the most sensitive part of our hearing. If you are getting hiss, my guess is the gain structure isn't optimal as noise is getting boosted (hiss) and not enough signal. To tighten the bass I'd recommend lowering the low mids a bit ~160hz, 320hz but this can be done on the MP1/2 by lowering the mids a bit (-4ish), add a bit of bass 2 to 4 ish, Tad of treb ( 4 ish) bit of pres ( 6 ish), OD1 higher or the same as OD2...
Another thing you might consider is where in the TCs routing chain you place its eq, to use the eq as I think you are trying for you'd route it so the eq is first and in serial so the guitar signal feeds the eq and then the eq output feeds the rest of the (time based) effects (delay, reverb etc) in the TC.
A way to play with parametric eqs is set the band (eg HIs) to either full cut or full boost (while listening), sweep the centre frequency up/down (and hear what it's affecting), get that selected centre freq boosting/cutting so it sounds goodish, change the band width/slope to widen/narrow the affected area.
On a guitar tuned to A = 440 hz, bottom E is 82hz, A 440hz is the A on the 5th fret of the top (high) E, so understanding the frequency range can help with eq decisions. Hope this helps Cheers Richard