Forget the set up (which should be easy, really - if you imported the song twice, you have two tracks so pan one left and the other right).
I don't see how you can make either side sound like "a side" easily. Are you going to arbitrarily take frequencies that are dominated by an instrument and reduce the volume of those frequencies on one side? In other words, if you want the guitarist to be as if he's standing on the right side of the stage (the left as you would look at him), then you would want to take his dominant frequencies and lower the volume of those frequencies on the right channel. This will naturally make them louder on the left side (something you could also do I suppose - make those same frequencies a little louder on the left channel) and your brain will think he's on that side of the stereo spectrum when it listens to both tracks at once. Rinse and repeat for the other side-to-side instruments (usually keyboards to the right or a second guitarist). Bass, drums and the lead singer are typically straight up the middle.
I agree with Batsbrew, adding any delay to one side doesn't create a stereo image and is ripe for phase issues.