I have read several articles that suggest that it is not a good idea to try to "cut down" peaks using equalization, one should only add boost to dips in frequency response. I forgot what happens when you do this but I guess that will be tonights homework. This information may greatly affect how you approach achieving a flatter frequency response. I know if did for me.
Actually its the other way around. You want to cut as many peaks as possible while trying to boost as little as possible. The reason you want to do this is because, generally, larger, more problematic, dips in frequency response are caused by cancellation due to room modes while peaks are caused by room mode excitement causing addition of to waves to create a larger SPL.
When you cut a frequency response all you are doing is sending less power to the speaker at a given frequency so that it isn't too loud and thus giving yourself a flatter response. When you boost frequencies you are forcing more power on the driver, thus making it work harder, but at the same time the room modes stay excited in the same way so there will still be a dip because the waves will continue to cancel. If you bump up the power too much you might end up overdriving the woofer, especially at lower frequencies.
While sending too little power to a woofer is bad, in general, if you eq properly you won't be sending to little, just less. On the other hand if you over compensate trying to raise a dip you can end up blowing a woofer or damaging it by working it to hard.
