OK, so I just tried what I did last night again. Here are the settings and workflow.
Record mode is comping.
Create new lanes on overlap is checked.
Store takes in a single track is checked (under looping).
1) Arm guitar track.
2) Record guitar track (through TH2 - if it matters).
3) Open take lanes - previously recorded material goes into T1 but is not muted.
4) Mute T1.
5) Record second take - wave form shows in main track during recording but disappears (moves to T1) upon stop.
Is this correct behavior?
If I add T2, it will record to T2, so that will be my workflow if the above behavior is expected.
Obviously, I thought that a new take would be created if record was hit after stopping in comping mode, but if that's not the case I can adapt easily.