so i have been using the equalizer in itunes to make some of my live recordings sound better, the problem I am having is that itunes does not save my custom settings to my ipod. It only lets me select from the equalizer settings it already has. is this possible or should i be using a different program to equalize my tracks the way i want?

To my knowledge, custom equalizer settings can't be imported into your iPod. Make a request to Apple... who knows, maybe they'll add it if enough people ask for it.
http://www.apple.com/feedback/ipod.html