It depends...I'm still learning how to EQ right to make it sound really nice, usually I'm going for minimizing basses in one track along with reducing mids and highs at the same time, but it really is up to the tracks I'm dropping since it works as the best option only for some double drops.
A, it sounds shit
B, if your playing one track correctly it should be on near maximum output (i.e. near the red line) and if you play another track at the correct gain, it will distort.
this isn't to say you should just have 1 bass on full and the other on min. although this can work for a lot of mixes but isn't always best.
but yeah, it all depends on the tracks ur mixing and what sound elements are involved.
having the bass turned down on one track will make the mid and treble stick out more, so just by subtracting some bass you may need to subtract elsewhere too, on the same track or on the other one.
for treble its very rare i will have both tracks on maximum, this also sounds poor imo, too much treble will clash, sound tinny, and depending on the tracks you will most likely have hi hats all over the place and will sound messy. also when ur beat matching goes slightly off this is where you will hear it, lower the treble and the lil slips will be less noticeable.
best advise i can give you is..
find a mix with 2 tunes you like, with a nice blend using the intro and also the bass lines together too.
record it several times using different methods of eq each time, listen back and see which you prefer. i find mixes can sometimes sound different recorded to how they do live.
if you have a mix you like and i have both of the tunes, i will upload a snippet of audio and note what positions i would personally eq them at. I'm not clamming to be an expert on the subject coz I'm far from it, my ears are shot to bits, but if i can help i will try.
eq's can sound different from mixer to mixer so its not always gonna be the same.
Depends on your mixer tbh
on my vestax i wont have to cut the eqs as much since they pretty sharp compared to other mixers.
id cut the highs to around 10:30
leave the mids at 12 (slowly turn it down a bit more as im mixing the tune out)
and cut the bass to half (9 oclock)
on a djm 800 which is what i normally end up using in clubs i will cut the bass and highs just that lil bit more..
there are some songs where you will wanna leave the bass at around 10:30 since they compliment/roll together nicely(this only really happens with some jungle/jump up tunes)
Its always fun to really know your tracks, know when the bass from the new track cuts out and bring the other back in quickly, playing with the mids too can be fun. golden rule, know your tunes and experiment, theres no set way to do things, if it sounds good then do it!
I know its opinion and all but when I hear a tad of bass bleeding through I think it sounds awful.
I think of it this way.....
If you wouldn't do it in production, don't do it when mixing...eq'ing when mixing should be similar to eq'ing in production. You don't want any sounds masking others and you want a clean sounding mix.
Two basses is just noise upon noise. When you bring out a track that has a little bit of bass coming through you will notice that the level will be quieter on the meter.
Basically you should aim to keep the meter peaking at the same point throughout the mix...apart from breakdowns obv.