Saratoga is right, settings are very subjective to both the headphone and the listener. I am starting to understand how to equalize to my ears, and I have a pair for Grado SR-80's that I EQ'd and they sound decent. I'm almost there on my settings; I can't answer your question but I can give you an idea of how I equalized mine. A lot of this info is in
another post of mine. For me it was easier to see the actual curve and test out my settings on a PC prior to putting those settings on my Rockbox
Setup:
BE SURE TO DISABLE ALL SOUND CARD ENHANCEMENTS AND OTHER (WINAMP) EQUALIZERS

I loaded up my typical sample file, indicative of the music I listen to (heavy guitars, vocals and lots of loud / quiet variation),
"Quake" by Balance & Composure.
I then went to
headphone.com to find a good analysis of the Frequency Response of these headphones. When you are equalizing for your headphones, you're doing just that
equalizing. Every set of headphones has some deficiencies and when you're trying to do is use the equalizer to compensate for those deficiencies. I found a decent graph of the frequency response of Grado SR-80's. You can clearly see that the low end of the spectrum is under-powered so my EQ will need to boost that.

And here is that graph flipped, which is basically what I want my curve to look like. I am not taking the exact decibel values into account, I just want a general facsimile of the curve.

As I said, I want to make my equalizer curve to look like the
inverse of the frequency response graph. I loaded up my track and started to tweak my settings in WinAmp,
using my headphones. Ended up with the following. I grabbed the values from that chart and entered them into RockBox, paying special attention to the LowShelf and HighShelf. Any minor tweaks took place in Sound Settings (bass-1, treble 2, Crossfeed on, etc.). I also used 10-bands on this, and that's kind of a waste and a battery drain. You
should be able to make your curve using 5 bands. I have 5 band equalizers for my other headphones, I just haven't gone back and re-worked this one.

I hope this helps some, I have found that since equalizing is so subjective there really is no definitive "answer" for how to equalize but with this method I managed to get all my headphones EQ'd to where I really like the sound.