I found the sound on mine to be too bright particularly on the centre channel, so I've reduced high frequencies slightly on all channels and given the low frequencies a nudge higher on the centre channel to make the sound warmer.
I too have it currently set at PEQ on the 'Front' setting. It's my first AV so I am mind boggled with all the different sound choices. I could spend days playing with it but to be honest I just want to watch movies!
I've only just got mine having replaced a Sony Strda 1200es to get the high def sounds. Blue ray is a pana bd55 and I must say I'm blown away with the sound. The 763 has to be the bargain of the century as I got mine for £289.
Like you say, enjoy the movies as you've got plenty of time to play. I am happy with mine on standard settings though. (for now)