where do i start? keep in mind this is acoustically, so i have a feeling speed isn't as big an issue as it would be with an electric. should i start with hand position, chords, a few simple riffs or songs, or what?
well I'm not a teacher, but... I'd say first show the person the correct way to hold the guitar and play. for example, a lot of people just starting out get really tense and hold the pick way too tight and lock their wrist and strum just from their elbow. that's a bad thing. also, ask whoever you're teaching what their goal is.... whether it's to learn to play popular songs or to be able to write his/her own songs. that way you can know whether or not you need to bother getting into a lot of the technical stuff (scales, what chords are, how they work, etc).
Banging on a trash can
Drumming on a street light
I recommend the Hal Lenoard (or however its spelled) guitar method books. They are how I started...they work through each of the strings, playign simple songs, and they teach you the chords as you progress. The best part is, you learn how to read actual music while learning how to play. This makes you a more round and complete player, and will make learning tabs even easier.

Partscaster/Tele into a bunch of pedals, a Maz 18 head, and a Z Best cab.
i would start with making sure they can strum properly and can hold a pick and the guitar properly, and teach them how to prperly fret the strings like how to position their hand so they play on the tips of their fingers instead where your finger print is (like meny beginners do when they first play) then teach them chords, scales, and so on, that part is up to you after that, what ever you feel is most important for them to learn
-b@man :batman
yep, firstly how to hold and get familiar with your right hand ONLY for the first few weeks untill u get familiar with the positions of the string either hand picking for classical guitar or pick picking, tell em to do it 15 minutes a day. ITs a great way to also let your students improvisize....
ok holding the pick and holding the guitar first. then start with the chromatic scale. i would get a book for refrence
Another point I might make. After you've gotten past all the basic basic stuff (holding the guitar properly etc) and they are ready to learn some simple songs, try to find tunes that they know & like.
The reasons are that A. they are fimiliar w/the beat/rythm and know how it should sound.
And B. Playing a song they want to play increases thier desire to practice.
I started w/a Mel Bay book playing "Old Suzanna" and crap like that. Didn't really progress much as it wasn't inspiring. But when someone showed me how to play Neil Young's "Heart of Gold" using the same chords, I was off to the races.
1/2 my brain tied behind my back, just to make it fair.