IME it depends on the room, the guitar & the cab. My gig setup is fairly static so going from rehearsal to a show just the room changes, and I find that I only tweak 80hz and 6600 for the room. I can see setting your presence based on if you want the top end more smooth or more raw though, then balancing to suit with 6600. I've always liked more raw (high pres) for thrashy stuff, but I can see a guy wanting it low (more smooth) for a brown sound.
Guitar wise for example, going from my EMG to my Fishman guitar I have to really pump up the 80 & the 2200 to get it to equate. Same story if I switch speakers, a re-EQ will be in order. Settings are so contextual not only to the gear, but also to the style being played.
On my IIs and IIIs if I want a clean clean and a high gain tone on the two channels it doesn't seem to me as big for a deal as I hear guys make it out to be. If I was recording I'd set things differently to optimize, but live it's totally usable. Even more so if you're willing to roll your vol knob back for cleans.