As with all mixing it isn't anything "right", just different ways to do it. It if sounds good, it's good.
The way I mix my bass is I duplicate my DI track to two tracks. First one I will lowpass so it's only the sub left (lowpass around 150-200 Hz), then compress if running through maybe two compressors before finally squashing it with a limiter. I will also listen to the whole track to see if there's any notes that just jumps right at me and isn't really under control, then I will notch down that frequency a little to get at more even track. This would ideally be done with a multiband compressor if I had one, haha.
The second track I run through mostly the same amp as my guitars go through, with the "Boost+EQ"-distpedal in Podfarm, although many other pedals will do. I try not to overdo this one, just enough to get grit. Treble almost always all the way up. Some slight reverb on it. Run also this through maybe one or two compressors, finish off with a limiter, although I don't squash this one, I let it have it's own life,so to speak, with the limiter I just cut off the highest peaks. Then highpass at around 500 Hz and lowpass at 4KHz.
Then I run these two through a single "Bass Stem" track where I use an EQ to dig out all the excessive junk that shouldn't be there - Usually a large scoope in the 400 Hz-region.
I like to think of the bass as an extension of the guitar, and doing this I feel really glues them two together some - leaving lots of room for the guitar midrange in the middle. Of course, I wouldn't do this to the bass if I come across a band where the bass is more of it's "own" instrument, but this has worked pretty decent so far. Might mix things up and try it a bit different sometime, though.
Long post, haha. Oh well, hope I contributed with at least something!