I usually only worry about time as it applies to the main PA. As mentioned there is nothing that can really be done to time align the mics to each other, but you can make it so that the signal from the mics is time aligned to the PA...... This is still a bit over the top in my opinion. I have done it before and it takes a while to get the entire kit and backline to line up. Although it is cool that it sounds as if all the instruments are the source of the sound, the amount of work required doesn't always add up to better. The depth and immersion of sound is really cool, but it closes the drums into a more mono like signal and then the guitars and bass have to be placed specifically ( in the stereo field ) to really make things hold together and line up. Then as soon as you move to another position in the room it all changes.........
In short, yes it makes sense to do it and can make for a really cool sound with clarity and depth, but it takes a bit of time to nail it in and it's not the same for everyone in the audience. The incidence of time between the mic and the PA is a constant, but the distance from the listener to the PA and the instrument is not. The only way it would truly work is if you ran a single speaker, mono system.
Also keep in mind with a stereo system you will always have one side of the PA out of alignment with the mic. The only way you could truly pull it off with a stereo rig would be to double all the tracks and pan them hard each direction. Then add in what you need from each track ( to place it in the stereo mix ) after time aligning each channel to it's respective speaker. And even after all that you still wouldn't have addressed the time difference between the listener, PA and instrument.