Is there any way to get a preview of what the Spectrum will look like, (not the usual waveform)? It doesn’t appear to change.
I don’t know… but, once you’ve approximately identified the problem frequencies it’s best to listen with your ears rather than with your eyes!
Load-up a known-good “reference recording”, but don’t try to “match” the reference. Just use the reference as a guide to help determine if there’s too much bass or too little bass. Your ears are the best tools, but it’s a good idea to “calibrate your ears” by listening to a reference as you are working. (Pros do the same thing*****.)
Lastly, I think you said that you can’t do any of these changes while still in MP3 format, correct? So, is there a best format to let Audacity convert it to to do the processing?
First, MP3 is lossy compression (data is thrown-away during compression) but it can be quite good at high bitrates. With lossy compression, high-bitrates = bigger files = less loss = better quality. The guys at HydrogenAudio.org have done lots of blind listening tests, and it turns-out that most music can be encoded transparently (it can sound identical to the uncompressed original).
The “damage” is done during encoding, not during decoding. Audacity (and all “regular” audio editors) have to decompress the MP3 to PCM (like WAV) before processing. And of course, it also has to be decompressed when you play it. Like most audio editors, Audacity will decode to uncompressed floating-point PCM. The additional damage comes when/if you re-compress to MP3 or other lossy format.
So the question is, what format do you want or need? If you make an audio CD, there will be no further damage (assuming you save-as WAV after adjusting the EQ.) If you were to make a CD (or other lossless format) It would sound identical to the original MP3 (if you didn’t use any EQ or other intentional processing). If you can use FLAC, ALAC, or WAV, these are also lossless.
If you need MP3 or AAC for your portable player, you are going to go through a 2nd lossy compression step and the only thing you can do is use a high bitrate (high quality setting). You can always create a CD or FLAC archive in additon to the MP3.
*** P.S.**
Another trick pros use is to listen on everything they can get their hands on. This is even more important for us amateurs who don’t have studio monitors… Listen on your living-room system, make a CD and listen in your car, your iPod/earbuds, your headphones… It doesn’t have to sound perfect on all these systems, but it shouldn’t sound terrible and should compare well with your reference.