Whitestrat, thanks for posting this man, this is a really cool walkthrough of your acoustic process. Out of curiosity, what were your MBC settings?
I'm surprised you really needed that second mic on the lead - I was reading that section before I listened to the clip, and my initial reaction was that you were crazy. But yet, when I then went to listen to it, it did sound kind of thin.... Maybe a single LDC in its place...? Idunno, I should try doing something like this and see where I end up.
The other observation - that mono track definitely sounds a lot smaller and darker than the full stereo spread... But I could totally hear that sound working for, say, an unaccompanied guitar and vocal introduction, and then when the rest of the band kicks in panning it wide and bringing up the second mic and second take. It wasn't a "lush" acoustic tone, but it was a pretty damned cool one, IMO.
I guess the only other note I would add to WS's excellent post here is, more so than any other guitar situation I can think of, the source sound matters SO much when tracking acoustics. It doesn't have to be an expensive guitar, necessarily - I've played some great sounding budget guitars - but if it's not a particularly lush sounding guitar, or if your strings are shot or if there are weird rattles and resonances or something, then almost nothing you can do will fix that sound. Acoustic guitar is something we as listeners are used to hearing very "pure" and intimate, in ways you wouldn't say about a clean or distorted electric, really, so far more than anything else in the signal chain a good source is going to be crucial. I've heard great rhythm tones out of shitty 15-watt solid state combos, but I've never heard a bad-sounding acoustic be made sound good on tape.
"They can kill you, but the legalities of eating you are a little dicier." - David Foster Wallace (1962-2008)