Looks a bit like Ultrasound.
When I make rehearsal demos, I put the mics in a stereo configuration, and have them about 7' above the floor. This usually captures everything with a nice stereo spread. Your levels have to be well blended before you record. If the mic is telling you the guitars are too loud, then they probably are.
I would track 30 sec. of music, play back, tweak levels, and then record again until you have it perfect.
Then take a digital pic of each amp as well as the mic's position so you have the settings stored permanently.