I use Wills method all the time but it usually adds a weird phasing / modulation.
I'm really looking forward to the headphone space.
Agreed. This is because cranking the "character" knob in the cab settings is just amplifying the peaks and valleys in the speaker's frequency response. This kind of hyper notchy sound is exactly what happens through phase cancellation when you mike up an amp in a tiny room like a closet. We associate this phasey sound with space, hence the illusion. But it's not actually adding space in any real sense. You can get the same effect if you tone match a guitar sound in in Logic's match EQ, pushing the slider past 100% -- all the peaks and valleys get taller/deeper. It's not "realistic" emulation of space in any literal sense, but if it takes the edge off in headphones, so be it.
For better or worse, the classic guitar recordings of last fifty years have almost all been close-miked, "one-dimensional" sounds that are a little scratchy to listen to in phones without a whole band around them.