After opening a MP3 and running ACW and sending to BIAB I click on the guitar icon hoping to see how the chords look on the fretboard. Unfortunately nothing is displayed on the fretboard. Is there a secret to doing this? Is it possible?

If you "Generate" the song after using ACW, you will get some activity on the Guitar fretboard, but my results weren't satisfactory. The fretboard showed 2 or 3 notes being played simultaneously on the top E string, with no notes on any of the other strings.

Import the song into BIAB

Select Guitar Window (<CTRL><SHIFT><G>), icon or window/Guitar
Click on the Tutor button
Enable Chord
Play thorugh midi
Select patch
Type of Chords to display - This sets up the chord patter from simple folk to Advance Jazz and some alternative tunings.

Play the song/this will force the generation of the guitar part. You can then copy thie part to melody or solo track for printing and working from.

Works reasonably well IMO