Just to correct a slight misapprehension regarding compression, using a compresser does not cause or increase the likelihood of feedback unless you apply makeup gain (which does 'cos it raises the level of everything when the wanted signal is low or absent. It's effectively identical to turning the preamp gain up with nobody speaking into the mic).
I use the vocal presets as a starting point but always turn the gates and compression off. Then I usually increase the HPF frequency and reduce the presence peak (PEQ band 3 usually) so actually I'd be probably be quicker starting from scratch