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How to improve my sound using compressor limiter expander

Hello all, I am a baritone bass vocalist and would like to improve my sound. I am using a standard handheld wired dynamic mic, and I'd like to incorporate my Peavey CEL-2 (Compressor Expander Limiter) into the chain. My projection is often over powering (causing distortion) and my soft parts are sometimes hardly audible.

needing a compressor and mic preamp..

What can you guys recommend for a person on my budget...I am in need of a compressor for vocals, will probably use on acoustic and electric guitars too though into my Pro Tools system. Also in need of a preamp at least on channel 2 would be good but not required...ive seen some decently priced dbx, and a Behringer tube comp..and maybe a ART pre?my budget:

Is it a MUST to use a compressor for vocal recording?

My recent signal path for vocal recording is:

RODE NT-1A --> Grace Design m101 --> MOTU 828mkII --> PC Sonar

So you can see,
without any compressor.
Actually, some clipping occurs during tracking, but not always.
I will decrease the gain in m101 to prevent clipping
(it will squeeze the dynamic range, right?)