Its common(ish) knowledge that large stereo differences between left and right channels can cause problems when cutting and playing vinyl (see: Bass - How Low can You Go?). There are varying opinions as to where to start 'monoing' the lower frequency, but the truth is its a compromise between what sounds good, and what's gonna stop the vinyl skipping, so its gonna vary depending on the track. Personally, as a rule of thumb, I use a 6dB per octave filter from 400hz downwards. This I find to be more pleasing to the ear, than say a steeper curve, and a lower roll off frequency.
But what do I mean by a 6dB per octave filter? Basically this means that I set up an M/S matrix, and in order to center the signal from 400Hz downwards, I apply a filter to the Side channel within the matrix, that cuts the Side by 6dB for every octave lower than 400Hz (fig.1).
Fig. 1 (Sonnox Filter)
In fact, once you have set up an M/S matrix, you can perform any sort of processing you like to the stereo width. You could for example use a limiter to ensure overall stereo difference between the track never goes over a certain level, or use an eq to widen the stereo difference at a certain frequency, and narrow the difference at another. All this can be done by simply applying processing to the Side channel.
Setting up a M/S matrix can be a rather complicated affair using a mixer, but it can be done. Personally, I prefer to use a simple plugin to perform the complicated wiring needed. There are several on the market, most noticably the S1 included in most Waves bundles, and more recently the excellent Brainworx series of software and hardware plugins. I use the S1 from Waves in the studio at the moment, but I am going to upgrade to the bx_control from Brainworx soon (see fig. 4). Its a better plugin, and Waves refused to let me transfer my S1 license to the laptop for when I am working on location, so I can't use it to demo at seminars. Plus the bx_control is cheaper.
To set up a matrix in Pro Tools, for example, you just need a stereo aux and two instances of the S1 matrix, or the bx_control. I usually place one instance of the S1 in the first space in the channel strip, and one in the last space. That leaves me with 3 available spaces to place say an EQ, some sort of dynamics processor, and perhaps a limiter (see fig. 2). Then if you want to use the matrix you just send the signal through that aux. As long as the plugins you use are in multi-mono you can simply unlink them and change either the Middle or the Side by clicking on the L or R button respectively.
Fig. 2 and 3
If the plugins you are using don't support multi-mono (they are either mono or stereo) then you can use a similar setup but using a series of auxes. First setup a stereo audio track, then 2 x mono auxes and one stereo aux. Send the output of the audio track to stereo bus 1-2, then the inputs of the first two mono auxes to mono bus 1 and 2 respectively. Send the outputs of the 2 mono auxes to mono buses 3 and 4 respectively, and set the input of the stereo aux to 3-4. Then put an instance of the M/S plugin on the audio track, and the stereo aux. You can then process the Mid and Side channels by placing plugins in either the first or second mono aux (see fig.3).
A similar set up can be used for most DAWs, but one that has a comprehensive suit of settings already built in is Samplitude. The recipe is as follows:
You will need:
One stereo track
One Submix Bus
Two Aux Busses
1) On the stereo track, set output to Bus 1, send to aux 1 at unity gain, send to aux 2 at unity gain. Load your track.
2) Mute Bus 1 (this bus may be used to compare the original mix)
3) On Aux 1, right click the pan pot, select preset "Mono (get mid signal from stereo source)". Rename this track "middle".
4) On Aux 2, right click the pan pot, select preset "Side signal (Stereo) (from stereo source). Rename this track "side".
You may now EQ the Middle and the Side independently of each other by using the channel strip of the corresponding aux bus. Or you can insert plugins on each of them. If you want to listen to either the Middle or Side, solo the corresponding Aux Bus.
Fig. 4
A word on plugins...
Just to show I am not biased towards the Brainworx plugin because of Waves licensing, I am gonna give a brief explanation of why I think its a better plugin.
a) the Waves S1 Matrix plugin is just a simple network that changes the left and right channels to Mid and Side. So L+R=M (left channel) and L-R=S (right channel).
b) the Waves S1 Matrix has no other features, all you get is a grey box, no knobs or meters. There are some extended features included in the S1 Stereo Imager but they are still somewhat limited.
c) the Waves S1 Matrix has the unfortunate side effect of reducing the overall signal by 6dB (this is because to give L+R without digital over the signal must be halved, and even then some samples do slip through).
d) the Brainworx plugin is cheaper
e) it has a wealth of features, but crucially it accepts L and R or M/S. This means you can set the first instance to accept L and R and it gives out M/S, then you can set the second instance to accept M/S and it gives out L and R. I have tried running a signal through the bx_control as shown above and then mixed it with the clean inverted signal, and the result - total silence, just as I hoped. Its impossible to achieve this with the Waves S1 Matrix as you have to gain the clean inverted signal down by 6dB so it is matched in level with the processed signal, but because -6dB is only approximately half the level, you still hear the signal come through, and no amount of adjusting can get rid of it.
f) the bx_control has meters showing not only the RMS and Peak of both the M and S channels but also balance and correlation meters.
g) the bx_control has numerous kill switches to solo L, R, M and S as well as a balance control knob, a mono maker knob (presumably this makes everything below the selected frequency mono?), and a stereo width knob. Not to mention an adjustable input gain. This means it can either be used to control various parameters of the stereo width, or alongside other plugins as well.
I guess I might be a little unfair on Waves here, because I know the S1 Stereo Imager can perform some of the tasks of the bx-control. But as a rule i would use the S1 matrix as a simple encoder/decoder and the bx_control for the full works. The Stereo Imager just wouldn't come into it.