Is there something I could do to compensate for my lack of knowledge and generally gain a more-than-basic understanding of music theory?
In my experience, the actual theory that explains why things work gets less attention in guitar centered approaches. The best resources I found were good at explaining why music works. Maybe the ultimate goal is application to the guitar, and maybe it is a longer way around but, for me, theory stood on its own. Learning to apply it was a different step in the process.
For me, theory is such a broad field with so many pieces to memorize that it's only useful to learn what has an application. Anything else I quickly forget. But we're all different in what has an application. If you improvise you need to know more than an ensemble player that only works off set arrangements, et. If you compose you'll need to know different things than if you only play. As a brass player I need to know when I'm on the third of the chord and when it has to be lowered out of equal temperament - a guitar player might also but not a pianist. Etc. I read through a lot of Walter Piston and understood it but it was theoretical and didn't stick. Then I ended up running a Praise and Worship band and suddenly I needed to know specific things about chord progressions, spellings, substitutions, etc., and now when I went back to the text it made a different kind of sense.
If you want to be a really fine musician and make an interpretation, you'll need to know theory in-depth. Else there will just be a lot of elements in the music that you won't see and therefore be unable to include in your interpretation.
Not that that's easy: it clearly is not, for many values of the variable, but I'm not convinced analysis is in the top handful of desiderata as a mere performer.