Efficient path-following is crucial in most of the applications of autonomous vehicles (UxV). Among various guidance strategies presented in literature, look-ahead distance ($L_1$)-based guidance method has received significant attention due to its ease in implementation and ability to maintain a low cross-track error while following simpler reference paths and generate bounded lateral acceleration commands. However, the constant value of $L_1$ becomes problematic when the UxV is far away from the reference path and also produce higher cross-track error while following complex reference paths having high variation in radius of curvature. To address these challenges, the notion of look-ahead distance is leveraged in a novel way to develop a two-phase guidance strategy. Initially, when the UxV is far from the reference path, an optimized $L_1$ selection strategy is developed to guide the UxV toward the reference path in order to maintain minimal lateral acceleration command. Once the vehicle reaches a close vicinity of the reference path, a novel notion of corrector point is incorporated in the constant $L_1$-based guidance scheme to generate the lateral acceleration command that effectively reduces the root mean square of the cross-track error thereafter. Simulation results demonstrate that this proposed corrector point and look-ahead point pair-based guidance strategy along with the developed midcourse guidance scheme outperforms the conventional constant $L_1$ guidance scheme both in terms of feasibility and measures of effectiveness like cross-track error and lateral acceleration requirements.