I've used the Bounce > Split Mono technique when double-miking my guitar. The way my Mackie 402-VLZ3 mixer is set up, the first two channels can be linked together as a single stereo channel, so I take advantage of that to record with an AT-2020 and a Shure PG -48 (the Shure pointed at the sound hole, the AT pointed at the body/neck junction). Even though one is dynamic and the other a condenser, this works even though phantom power is either on for both channels or off for both channels on the Mackie. Apparently, a dynamic mike--if connected using a proper XLR cable--ignores the phantom power or it gets bled off to ground or some-such thing. Whatever; it works and doesn't destroy the mike which is all that matters to me.
Of course, this results in a stereo track in Sonar which I then Bounce > Split Mono.