The main thing to know regarding the 1176 is that the attack and release get faster as you turn the knob clockwise, and slower when you turn counter-clockwise. This is the opposite of many compressors out there.
Use a faster attack to smooth out sounds and push them "back" in the mix, or a slower attack to let transients come through for more articulation and punch.
The release is trickier depending on what you're going for, you'll want to set it by ear. I usually use the 1176 on bass and vocals and usually go for a medium attack (between 3 and 5) and a faster release (between 5 and 7).
Just use your ears and you'll be fine.