Safe on block means if you throw it out, the worst that can happen is they block and you don't take any rebuttal. If they block and try to punish you for it, you can usually guard or toss a move in the meantime. If they are blocking, its usually going to get you blown up if you use strings that aren't safe. Ending your strings off with venom charge or double punch will usually keep you safe as, on block, both of them give you the time you need to get back into defense.
As bane, you should be focusing on getting them on the ground and then mixing them up on wake-up. Observe their habits and work your Yomi, that is your "lead" game, to eliminate options and have them play into obvious traps. Its really hard to connect strings if you delay them, so stick to safe on block options like f.2d into b.f.2 for a double overhead, d.23 is to my knowledge safe on block as well and starts low, if it hits you get a free 123 d.b.f.3 for about 30% without venom.
As far as blocking after being blocked, thats dependant on the opponent. Against people like grundy, raven, and GL you can honestly just venom up and armor through their responses with a well-placed close-range double punch. Against people like Nightwing, KF, and Ares you'd be better off blocking the obvious responses (flip-kick, slide, etc). Just be mindful of the opponent's options and it should be an easy judgement.
@Gangsta
Honestly, against grundy you'll want to be mindful that your armor can cancel out his armor. Keep venom pumping and keep him honest with double punch and venom upper. If he tries to run, don't be afraid to charge after him since barring full-screen he doesn't have the best answers for it. Worst come to, and this grundy is intent on staying away, just be patient. Make a read on the swamp hands and its a free charge punish from anywhere.