The Native instruments VC2A is probably my favourite version in a plugin. I used a hardware one constantly in 1990's when I was a studio recording engineer. I use this style of compressor as a leveller. Peak control (Threshold, 0 to -48 dB) Gain control (0 to 48 dB) Attack time (Variable, 0. Great for bass, guitars, keys, and vocals (in conjunction with another compressor like an 1176 if you need to deal with a vocalist's transients). Modern Lost Angel is a Universal Audio LA-2A opto Compressor clone. With this kit you get our professional EQ, reverb, compressor.
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It leaves transients alone and averages out the signal over time. Waves plugins added free of charge to Waves bundles covered under the Waves Update Plan. Gain would make the panel inside brighter optically and then you adjust the peak to control the amount of compression (how much of the light the photo cell responds to). You control it by using the input gain and peak together. It worked using a luminescent panel as an input and photocells 'seeing' and adapting the compression ration and release, if the photo cell sees light it continues to work. If it was modelled properly then the attack/release and the ratio are dependent on the source signal but generally the original Teletronix was a 10ms attack time, a 4:1 ratio and the release was around 60ms on quick signals with a further hold from 1s - 15s depending on the signal.