I am going to explain a tiny issue when using target bones that I've encountered. This bit of info may save you some time and trouble.
When you use a target bone, like I did for the forearms, if you drag only the target bone, the aiming bone will always... always always always... (did I say always?

) bend in ONE direction. Don't even both trying to make it bend in the opposite direction by dragging the target bone. it just won't bend any other way.
The angle that a targeted bone bends is based on the frame 0 angle (or a rotation key in the timeline). The "IK Solver" for a target has to "pick an angle" to bend to reach the target... it's all really complex funky math that will make your head spin (I prefer visiting Colorado to make my head spin). The IK solver uses the path of least resistance so if the bone is rotated a tiny bit off 0 angle on frame 0, that's the angle it will always bend to reach the target bone. Even if the bone is EXACTLY 0 rotation it STILL has a "preference".
When I did this originally during target bone testing in beta, that arm just would not behave. It looked great to start, but then when I dragged the target past a certain point the elbow would bend the bicep backwards and look absolutely ridiculous. Like one of those bizarre yoga masters playing guitar.
To change the direction of the bend, like I did in the sample file, you have to "force" a rotation key on the aiming bone (the forearm). Normally angle keys on a bone with a target will not do anything because the rotation is controlled by the IK targeting of that bone, however if you drag it "really hard" in one or the other direction it will "snap" to the opposition angle rotation. This is sort of like how bone locking works. When using bone locking sometimes a bone won't bend correctly and you just force a key to pop it back into place. It's not as simple for target bones as it is with bone locking but still works with some "fiddling".
You can see this "pop" on the "fret" arm as it slides up and down the guitar neck. You can see these rotation keys of that bone in the bones rotation channel in the timeline. The forced rotation doesn't line up exactly with the "pop". This is because the bone is rotating between two keys so the "pop" doesn't happen exactly where you put the forced rotation keys. You will need two keys, one to bend one way, and another later if the target slides back.
I added in the first forced rotation key and then had to slide it up and down the timeline till I found the perfect spot where the "pop" wasn't very visible.
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There is another, better way to get around this, but it's more tricky and requires an extra target bone for each arm. It's a "non standard" type of rig and also has other quirks to deal with but it does allow absolute perfectly smooth movement of bone joints that are targeted. You drag the forearm bone to move the elbow joint. This is why it's "non standard" because normally you wouldn't have position keys to rotate bones.
When I have time I can post the other version.