Yes, a 40hz cut is handy, but imho probably better done on the amp. I do frequently boost the lows for a particular song or two mid gig via the bass controls - having a boost at 40hz isn't as useful as a cut at this range.
A comment further back mentioned a control cutting at 40hz and boosting at 80hz. That sounds simple and covers both requirements.
IME the additional mid controls are usually centred a bit higher and so don't boost lows.