Would the PHA-979 be the best tool for aligning the microphone bleed that occurs when I record acoustic guitar and vocals at the same time?

Since the vocal mic is slightly farther away from the guitar than the guitar mic I assume that there might be an undesireable phasing effect.  In my tests of PHA-979 it seems that it makes the guitar seem less like it's being played in a cardboard box.

Which track should I adjust?  Does the PHA-979 delay the signal and therefore I should adjust the vocal track to hold it back until the guitar sound reaches that mic?  Never mind...I just thought that through and realize that I should delay the guitar track so it matches the bleed-through, which was recorded slightly later.

Is there a distance to degrees formula that could be used to align two mics that are different distances from the source sound?  Or should I just be using some sort of time delay for this purpose?

I realize that I may be revealing a fundamental ignorance of common recording and mixing techniques that goes far beyond my ignorance of the function of this plugin.

This plug-in does not delay signal in a common sense.  It shifts the frequencies within the signal.  Some kind of distance/degrees formula may not be suitable as shift's distance varies between the different frequencies.  To get the best results I suggest you to additionally shift the guitar track within your sequencer.

Please also note that PHA-979 has plug-in delay so your host should also support plug-in delay compensation.

I suggest you to perceive PHA-979 as an additional time/phase alignment tool when you mix.