Surely your guitar level should be set in relation to the rest of the mix, provided you have recorded other instruments first?
I like to get my input levels balanced with the rest of the instruments on input. If the peaks from your drums are hitting -12, etc, your guitars will not usually be that high since, in the case of distorted guitars, they generally have a lower crest factor. Clean guitars will have a higher crest factor and therefore will have more dynamic swing.
Anyway. That's how I approach it. Once the initial instruments have been tracked, like drums, (where I'll pay the most attention to input levels) I set subsequent instrument levels by ear because ultimately I want my faders as close to unity as possible come mix time. That is my goal.
Cheers