I would have fun experimenting with this set up. Not shure how I would pan the two sources though.
Just pan it hard left/right. That will maximize the contribution of the spaced configuration and more importantly cut down on potential comb filtering problems. Since both omnis are the same horizontal distance to each player there will be no 'lopsidedness' of the image.
If you really
want to experiment with the mixing you could toy with sending it though a M/S decoder and mess around with the ratio. I don't know if that would get you anything though. I only mention that because I mean to try someth99ng similar with some 4 channel surround recordings of mine where the primary left/right pair had to be discarded, leaving me with only the front/back channels. Listening to those two channels is in some ways superior to just the right/left channels. Instead of right-vs-left information it's 'upfrontness'-vs-depth. It sounds especially big and spacious. The problem is that everything front is in the left channel and the ambient reflections and depth is in the right. I'm thinking mid/side decoding might allow me to place the front channel in the center and the ambient back information at the sides of the stereo image. Similar application, but the vertical omnis wouldn't have that left/right imaging problem needs fixing.
Another alternative would be an altered Decca tree for a surround approach and use cards facing each player, so 5 players = 5 mics. I'm thinking like an umbrella looking stand. I've seen something like this before but I can't remember the official name or manufacturer, but it would be simple to just build. The mixing options of this in 5.1 would be lots of fun. You would need a low end transducer right in the center for the LFE channel, I love the sound of a bass fiddle. The possibilities are becoming endless.
Keeping the mic setup simple is important for those informal circle jams. But if that kind of stuff interests you, you might enjoy taking a look at a little 4 channel spaced omni rig I put together
detailed here, deep in the
Oddball mic techniques - evolution from 'Bug Eye' to 'Quad Eye' rig & beyond thread. BTW, there is no need to
record a LFE channel, it is almost always derived from the main channels in post production, or synthesized for film effects. Most all music oriented surround ignores the LFE channel anyway or just duplicates some of the same information from the main channels so people feel like it's doing something. LFE is designed for explosion rumbles not the bottom octave of that string bass.