I don't know if compression will be useful on a live acoustic guitar, but EQ can help. Harshness is generally tamed by cutting somewhere in the range of 2 to 4 KHz with a Q of 2 or higher.
Did a live recording recently of a friend playing acoustic guitar in a club. Was able to get a clean feed off the PA into my ZOOMH4N.
Can anyone suggest some best practices when working with acoustic guitar in Audition or similar DAW?
What compression, equalization should I use?
How can I reduce some of the harshness and 'buzzing' sounds the strings make?
James: you should post an example. Some buzz is to be expected and sometimes adds to the character. If you're talking about distortion however, it's more challenging. There are some tools to help remove some of the clipping but they are not cheap and I don't know of any that are free. Izotope's RX comes to mind. Levels really should be set before it goes to disc.
Shhhhhh! Be Vewwy, vewwy quiet! I'm hunting pirates. Huhuhuhuhuhuhuhuhuh.