Too much limiting can be dangerous because you run the risk of eliminating the transients almost entirely, resulting in just a dull hum of low-end, rather than something which is punchy. Bass is one I always try to incorporate a mixture of fast and slow attack compression on. It's an instrument whose seating within a mix is very sensitive to the att/rel parameters.
I use staged compression all the time. Lead vocal usually gets at least 4 different types of comp/limiting. Usually Distressor on the way down, then C4, then Rvox, then L1, then Millennia opto comp, and then my 1176 blue. All doing something different to the signal. For most metal you can usually eliminate one or two of those and take it easier, but the more dynamics processors you have, the more control you have over the envelope of the signal.
Bass is usually Millennia then Stillwell Rocket then L1, then whatever else I think suits. Sometimes 1176 black real or plug-in, sometimes another limiter. Whatever works.
So you get the idea. For drums I'm usually a bit more conservative in metal, I try to avoid parallel compression because there isn't quite so much room for those sounds to develop, and you start getting muddy on faster material. I'll usually have each sample individually compressed, then compressed again on the bus, then limited slightly, then clipped, and then the drum bus may be getting 1 to 2dB shaved off just for some extra glue/punch as necessary. Of course this is all running into a master bus comp taking off anywhere from 3 to 8dB, so once you've staged it all there's a hefty bit of compression going on.