From: Fred Marshall on
I think it would help to do a little *simple* math so your objectives
will be clearer. Also, to try to define your terms or to settle on
terms that you might define for your purposes.

For example, calling the sounds S1 and S2:

Two sounds "side by side" will be heard by a listener in its simplest
form as:
S1 + S2
this assumes the attenuation from each is equal (and is ignored here)
and there is no multipath or other strange effects.

Two sound records simply interpolated sample by sample will result in:
(S1 +S2)/2
which is a simple scaled version of the side-by-side case above. That's
not much of a difference.

A more sophisticated version of this would be:
(K1*S1 + K2*S2) where K1+K2=1
This would be a "mixer" or a weighted interpolator and from your
comments you want K1 and K2 to be constant through the segment.

In the Guitar examples it seems like the amplitude is governed by the
decay of the guitar string vibrations and the sound is governed by the
other instrument. That would be a modulation like this:
|S1|*S2
.... the magnitude of S1 multiplying S2
so that the sound is that of S2 and the amplitude is that of S1.

and so on ..... I still don't know what you want.

Fred