Oktava MK219 and SM57 to record acoustic...

[Acoustic Cloud]

Guts

You almost have to use the 57 close in front, because of the low output. I would try the 219 OH somewhere, like pointing down towards the bridge area, close to the players right ear. Spaced pair may not work too well with those mics, but try it anyway. Try alot of placements!

[gutsofgold]

Would there be a phase issue with 57 up close and 219 as an overhead?

[BOWIE]

I used to do this same set-up when i first started out and all I had was a 219 and a 57. I find that the 219 is great when you put it wherever your ear is (especially the older 219s). So, try it near the player's head looking down toward the fretboard around the 12th fret. The 57 is great by the hole though you should try to get it at an angle (still aimed at the hole) to reduce the boominess.

[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.