Phase cancellation is a physical thing. In this sense, it is the result of two mics picking up the same sound, but at different places of the actual sound wave. When it is played back, you will have the same frequencies almost in time with each other, but not quite! We are talking a couple ms or less. Basically, on one mic, the sound is on the + side of the cycle while on the other side of the mic, the same frequency is on the - side of the cycle. Complete phase cancellation is when they on exactly opposit sides of nuetral from each other.
Moving the tracks around in an editor might help, but it can also have unpredictable results in the actual sound of the audio. To make a long story short, check your phase in mono. You will find that usually, it is only certain frequencies that are out of phase with each other, and this could be used creatively as well as being destructive to the audio. You basically have to use your ears to tell. If the two mics are going to be panned hard left and right, then phase takes on a whole new meaning as opposed to using to mics to create a deeper sound in mono per se. In the hard left and right panning deal, the audio would seem to sort of swirl around your head and would tend to confuse the listener as the exact location of things in the stereo field. In the case of creating depth on an instrument with two mics picking up the sound, you would be panning them in the same exact spot in the mix, so you only need to consider that the audio will be deficient in certain frequency ranges. This could be either good of bad. Depends on what you want to hear really.
When it is all said and done, like most things in recording, you should strive to do things correctly while tracking instead of trying to fix things in the mix. Moving tracks around in the time line of the song in an editor just isn't the same as good mic placement while tracking. With the mics in the right spot, you have to factor in the sound of the room in that spot into the overall sound. You will not have that same effect by moving the track forwards or backwards. I am not saying that moving the track around won't sound good, it will just sound different than moving the mic because moving a mic away from the sound source increases the indirect to direct sound at the mic, meaning you hear more of the room. While moving the mic closer to the source increases the direct to indirect sound at the mic. Some of the phase cancellation at the mic may be due to reflections of nearby walls rather than the direct audio being out of phase between the two mics. So, like I said earlier, the different effects altogether. Which is better is totally up to the person listening and making the decision about the sound while recording.
I am a Creep!