My general rule: I use the Deep control in accordance with volume. The louder, the more I turn Deep up to get and feel more power from the amp. I found a long time ago that turning deep up at low volumes/recording creates too much bass.
And then it's the inverse for Presence. The louder, the more I turn it down. Fine tuning depends on the guitar.
In summary: Deep goes up with volume, and Presence is the inverse. Recording with almost no Deep, and Presence at least half way up. Then playing live (not mic'd), crank the bass up and turn the Presence down. If you "iso cab" or mic your amp, I would treat it just like recording... keep the volume and Deep turned down. You'll lose all of the articulation and nuances in your playing by overloading the mic.
With that being said, there is very likely an in-between volume where one would have Deep and Presence set to the same point around 12 o'clock.