i've often considered doing this but never tried it because i didn't want to screw my stuff up. let's say i have a pair of speakers that roll-off 3dB at 50hz, so i increase the level of 50hz by 3dB, now let's say it rolls off 6dB at 40hz so i increase the output of 40hz by 6dB then 30hz at 12dB etc. i understand that this would dramatically increase the power demands of the amplifier but my question is would i end up adding more distortion then it's worth? assuming the speakers can cleanly output 50, 40, and 30hz frequencies at 90dB or so without undue distortion.
also as a side question is it a good idea to correct a speakers response with an EQ? say use it to correct issues in the midrange and to attentuate over brightness?
In practice, it will almost never work well, no matter what basic design we are talking about. But at very low volumes, with music that is at a fairly constant level, you could try it out if you wanted without too much risk of damage, turning up the volume very slowly; just turn it down if you notice any extra distortion. If you try it, you will probably end up realizing that it does not work well, and not do it.
With the numbers you are talking about, the power demands at normal levels will greatly exceed what you would normally be dealing with. Remember, every increase of 3 dB in volume requires a doubling of power. So, with the hypothetical figures you give, you will need double the normal power at 50 Hz, four times the power at 40 Hz, and 16 times the power at 30 Hz, and etc. So at normal volumes, you will be putting a much greater strain on your amplifier and your woofer, and so most likely, it is not going to work at normal volumes. It would have to be that your system could play much, much louder than normal volume without problem for it to work (or at least the bass portion of your speaker would have to be able to play much, much louder without problems).
However, you might be able to get away with something somewhat similar, by boosting the signal at 50 Hz, but reducing the strain on the system by filtering out deeper bass. You might be able to extend the frequency response considered only +/- 3 dB, basically by causing the frequency response curve to drop off faster at the bottom end. You may or may not like the results of doing that.
As for your other question of flattening the response with an EQ, you may or may not like the results of doing that, possibly depending on how well you are able to do it.