It's a bit of an old thread but it's probably not a good idea to use Hanon for the guitar. Some people don't even think Hanon is good for pianists.
The guitar equivalent might be something like Pumping Nylon by Scott Tennant.
I use the Hanon for Piano. I believe it helps and is worth a few minutes or longer every day. It is great for warming up ones hands. I have used it some for guitar and ukulele, but not enough to be able to say for sure. However, after warming up using Hanon for guitar my fingers do feel better.