I'm using this to record Bass (I haven't tried it out on guitar yet).
Firstly I am using a compressor (Maximus : Slam Amp Preset) at the top of the fx chain (I remind you it is extremely important of the order in which you add effect plugins.
Second I am using Fruity Convolver & have designed/edited my own impulse from a pre-existent impulse it comes with (IMP Instant).
In short this is what I did :
Lastly I used VolumeShaper from CableGuys once again with my Parabolic 217Hz preset.
Because I love that Bass Tone you typically would hear from Tool (for whatever reason it is it seems like when you fix the frequency to 217Hz, the effect has more timbre and resonance or whatever the technical term is.