^ Oy. I've done that. And *always* regret it when it comes to mix time.

What the hell do I do with 37 guitar tracks for 3 takes?!?!? Its a lot of work at the end and, IMO, not enough work at the beginning. I do this only when I know the band isn't sure what they want up front or they want me to do it that way.
I tend to start with the amp and room. Does it sound right? No? Make it sound right. Yes? OK... on to micing it.
I start with 1 57 or whatever on the grill and move it around until the recorded channel sounds right- or we determine that we've found the spot that's as close as we can get to right. Then, if its not quite right I'll get another mic out and try to fill in what ever is missing. Sometimes (rarely) this is a different mic on a different speaker. More often its a condensor of some kind 1-3' away.
If we're going for a stereo image of the guitar (amp, really) those mics will go up next further out in the room. Usually a spaced pair, but sometimes X/Y or M-S. I haven't done this too often as the spaces I'm recording in are usually just barely good enough to make this acceptable. Its takes a lot of work to get it right, but its SO much easier to mix later if you put the effort into it at the beginning. Real room sounds better than adding it in later, if you put the time in.
While I agree that you can always mute the stuff you don't need, I greatly prefer having a good reason for every single mic I put up and a vision for how that track will be used in the final mix. If its not used, fine, but I hate dealing with 34264 tracks of duplicate garbage when trying to get my head around a mix. And the bands I'm usually dealing with...well, its better to give them *less* choices sometimes.
Take care,
Chris