EQ will render a more cost-effective solution for you. The reason is that even a V-shaped SPL speaker will, in most cases I’ve seen, provide a boost of around 5 dB in the mid-bass and upper registers. However, to achieve the equal loudness contour (ELC), you typically need a 9-10 dB boost in the bass region for an average listening level of 45-55 dB, as I have at night.
Additionally, I believe digital EQ is more effective than its analog counterpart.