The I/O on the TimeFactor is actually two independent channels so you won't be able to get both delays on each guitar by plugging directly into the TimeFactor. However, if you have an ABY box that will support two inputs and one output (two guitar into one amp is the usual purpose) you can run that output into the TimeFactor and then run both outputs on the TimeFactor out to your amps. That should give both guitars both delay signals.
