If you are in a cover band take the material and make it your own. .
If you are mixing it up, writing and performing your own material as well as playing covers, have at it. Be you, make it your own, your style.
Let's face it, everyone has a style, sorta. Even if your style is suck, awesome, maybe. Depends on what you're playing/covering. Let's also face it, many musicians/guitar players don't realize their style sucks. As a general rule, if you're playing covers, don't suck. The listener will very much appreciate it, again and again. Cover bands are as good as the audience they draw, asses in the seats, and perhaps on the floor.
I've watched vids of Steely Dan after they came back to doing live performances. The guitar player they've hired doesn't suck. Sometimes he hits the highlight or opening phrase of a solo then goes off on his own. It bugs me, the recorded solos are an integral part of the song, at times even why I spin the recorded version in the first place. Larry Carlton, Jeff (Skunk) Baxter, Denny Dias, that's a lot of ground to cover, different styles in themselves. Iconic solos that at times several guitar players were given a crack at it before deciding, say, Larry Carlton ends up on the record. Then you get this guy, current guy,
making it his own. I feel for the guy, but sorry, I don't wanna hear it. Actually Fagan would probably disagree. Fuck Fagan. Music is for listening. Me, the listener. The paying audience, or me taking time out of my day to give a rat's ass. I don't want to hear your version of iconic guitar solos, your style.
Of course if your band is covering, oh, The Offspring? Please, please make it your own and don't suck. Also, don't cover The Offspring.