It's not that it's a bad idea. It's just that you'll rarely use it (it's a personal joke, too, don't worry about it). This could very well have been the only battle where I used it. Mechanically speaking, Aerial Recovery is more useful because it raises your vertical distance and takes up less time.
Alternatively, if you're going to rely on abusing how Second Chance or Once More work, then as long as Sora remains in "recovery" stance, he can't be defeated. This invalidates the use of either of those two recovery abilities.
As far as Guard is useful in KHII, it's got a nerf since KHI. The major reason is exactly what you said plagued you: it's too slow. Using Guard is largely a matter of timing, and the time spent focusing on when to use it to get the whole enemy attack is better used getting out of the way, not that it lasts nearly as long as it did in the first game, either. Even then, it only works on the ground, and Sephiroth's battle is mostly in the air (actually, same idea applies for Xemnas, too).