Thanks. I use low cuts regularly. I use a para eq block before the amp block to control gain mush, and after the cab block to tailor the amount of bass in the overall sound. I use the low cut in the cab block as well. One thing I like to do is set the filter order to -6, and set the frequency a bit higher than you would using a higher order filter. I run anywhere from flat to 200Hz or more depending on the amp model, which IR I'm using, and what I'm looking for.
I was joking with my comment about the proximity control, I sometimes turn down the LF resonance of the the speaker impedance on the amp speaker page to achieve something similar.
I've auditioned every IR in the Axe III, numerous times, and have IR packs from several vendors. I have recently bought a new IR package that I really like, it requires much less bass cut than others I've used in the past.