Has anyone used PBP and 2 or more microphones to detect the direction that a loud sound comes from?

If not, any ideas?

I'm thinking of starting with 2 microphones connected to ADCs and using that to measure the time difference between a sound over a certain threshold being detected in each microphone.

But im not sure how accurate the timing will be. I'm thinking I may have to use 2 PICs, because as far as i know, you can only select one ADC channel at once.