[uncle duncan]

Gotta watch out for that hole. Way too much bass there. Move the mics around with your headphones on. It's the only way you'll find the sweet spot, and it's always different for each instrument.
Phase could be an issue. If you can't flip phase on your pres or a digital mixer, and you have to do it destructively in your DAW, copy a 10 second piece of the 2 tracks to a new location and try it to see if it sounds better.
Those isolation phones are a good idea - for you so you can set the mics in the right spot, and then for the player, to eliminate the click track bleed. Also, if it's an inexperienced player, don't let him strum in that circular motion. If the pick isn't going directly up and down across the strings, you'll get this awful scraping sound, which is the pick running across the windings on the low strings, and it sucks.