Multiband compressor on bass guitar? Yes. Please do that. As was mentioned on above threads, your MasterHouse will appreciate it, making it easier for them to manage the low end of the track(s). When it comes to mastering, it seems many artists/musicians COMPLETELY under-appreciate (and don't really understand) the value of mastering. Has anyone heard the expression: "You will get the best results from your music if you have a different person record, someone else mix, and completely different person to master"? Of course, choose wisely who does which job! Mastering is 'quality control'--an extra eye, an alternate expert looking at the music, and putting it up to standard! Think about this: Compression, Stereo Widening, EQ Balance, Saturation, and RMS level (perceived volume) is what makes mastering a speciality. In regard to multiband comp on bass, YES!! Compressing the low end will not interfere with the key work that is involved with mastering. If we do things to mixes that does interfere with the MasterHouse and what they want to do with a mix when they get it, they won't like our mixes very much, and might hope we don't send them any more tracks!
I recall it was stated a time or two that music should be 'brightened', attacky, punchy, already mixed like it would sound being played on the radio, SUPER ballsy low end, fairytale wide stereo-field mixdown... these are not what the main focus of the recording/mix is. To touch slightly on any of these details is 'acceptable', and you won't have someone disgruntlingly mastering the track(s).
The importance of mixing is to have everything BALANCED well together. For example, kick beater smack should not have a stinking loud high end EQ compared to the snare. Your tamborine shouldn't be piercing your ears, while the overheads sound like they have a blanket on them. These are the things that are important for the MasterHouse. If your mixes are 'dull', but things are EQ balanced very well, nothing's out of wack, or EQ'ed way in left field, the Masterer will love you to death, and they will have your tracks sounding like it came right out of the oven, freshly served to all iTunes/Radio listeners. If you feel like your kick and snare (example) are poking out a dB or three too far in the mix, sticking out too much, MasterHouse will kiss you on the forehead and say, "Thank you for not smashing the punch out of your tracks like the other goofy bands do!" So, too much dynamic, not enough high end in your face... RELAX. Get the mix balanced, all instruments' tone 'coloured' the way you like them.
Here's an idea: Use a hi/low pass filter on your master buss, and sweep specific frequencies for the balance of all the instruments. Look at 2Khz, look at 210Hz, 80Hz, 5Khz, 10Khz, 16Khz.... This will give you a good idea on what your mix will look like, under the microscope of the MasterHouse.
Your mix is dull, you say? And, you think that's a huge problem? This means, as a mixing engineer, you're not focusing on the right things.
*I know this whole reply seems off-topic, but it was mentioned several times in this thread about Mastering's relevance to multiband compressor, and whether or not it's questionable. I hope this helps ease your mind on using Multiband. It won't ruin the mix or master. You do want to *fix* the bass to distribute it's low-low end throughout the song (Worth mentioning, I'm not suggesting Multiband on overall mix. Use it on individual tracks, on issues like uneven low end through out a dynamic bass track)