It's possible I'm hitting occasional 20dB spikes with the boost engaged. It doesn't clip on every attack, nor on every palm muted note, but it does clip frequently enough that it's an issue needing resolution.
+20db?? Sounds like you just need to turn the bass/depth down or something. That's an insane amount of peaking if you're palm muting. I know it feels good to have that chunk in there when you're palm muting, but leave that to the bass player. That's his/her job. Definitely use the VU Meters in the Utility menu to set your Amp level right so you're not clipping.
Now to contradict everything I just said....here are Adrian Smith's live settings on the Marshall JMP-1, which has the bass maxed out....
If you want to get a good Adrian Smith sound, try these Amp Block settings with the JMPre-1 OD1 BS and the 4x12 1960B T75 (RW) cab. The JMPre-1's bass is not that powerful/punchy and sounds kinda flubby, but in a good way? I don't know how to explain it but it sounds awesome to me. I play in a Maiden tribute band and play all of Adrian's parts. These are the settings I use:
Amp: JMPre-1 OD1 BS
Input trim: 0.34*
Input drive: Maxed
Bass: Maxed
Mid: 6.66**
Treble: 6.66**
Presence: Maxed
Depth: 0
Master: 3.00***
Cab: 4x12 1960B T75 (RW)
If you want to get a good Somewhere in Time sound, slap a Chorus block after the amp set to Japan CE-2 or Dimension 1 and mix like 40%. Put a shit ton of reverb and delay on there too.
When I do my solos, I turn on a tubescreamer (can't remember settings right now) and a filter block after the amp. The filter has a slight high-pass filter around 80-100hz, a small bump around 800hz, and an overall +2dB volume boost to soar over everything.
* My guitar's pickups are VERY high output so I turn down the input trim. You can adjust this to taste
** On the actual Marshal JMP-1, the BMT pot values are digital and range from -6 to +6. Adrian's settings for Mid and Treb are +2. Since the Axe FX's knobs range from 0 to 10, if you do some quick math to translate, it works out to be 6.66, ironically.
*** The actual Marshall JMP-1 is just a preamp and doesn't have a power amp section, but the Axe FX II model gives it your EL34 power section. I have my preset set to 3.00 because it's what I liked. Too much Master volume and it starts to sound too woody.