Of course. Many rhythm parts sound great being played by two (or more) different guitars. It sounds much better if the guitars/tracks do not sound exactly the same. In the studio, one guitarist can play the same part one or more times very closley, but not exactly. In a live situation, a band can use two guitarists playing the same part.
To simulate this, I bring the dry signal into the Axe, and then split it into two paths. Call them Gtr 1 and Gtr 2. The first block for Gtr 1 is an IR player to transform it to a different sounding guitar. I use one of 3Sigmas tone matching IRs, normally, or one of my own. Gtr 2 normally does not get "transformed". From there, Gtr 1 and Gtr 2 all get their own amps, cabs, effects, etc. I will even send each guitar path to its own set of outboard effects and or delay one or the other a few ms. The idea is to have them sound fairly different as if they are being played by two guitars/guitarists. I could maybe use a "humanizing" block while doing this. Lol.
Anyway, it works for me and I especially love this with an acoustic setup. Sometimes, one will be a 12 string Taylor and the other and 6 string Martin. That really kicks ass, Imo.
As you can imagine, this setup gets cpu heavy, so I difinitely need a Turbo and then some. That's why I still use outboard pedals to help supplement and why I use a Turbo for both the studio and for live. (Yup, I lug an Axe Fx III around in a 5u box).