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No, it isn't. Looking up the two words in the wiktionary, we come to the Proto-Germanic roots *wītaną for the verb "to guide" and *widuz for the name Guido cognate to modern English "wood". The difference in the second consonant is significant and indicates unrelated root words. Also there is no semantic connection between them. For getting the consonants right it is necessary to look which Germanic language is taken as the source, there were a lot of consonant shifts during the history of Germanic languages.

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https://en.wiktionary.org/wiki/Reconstruction:Proto-Germanic/w%C4%ABtan%C4%85
https://en.wiktionary.org/wiki/Reconstruction:Proto-Germanic/widuz

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--elbowin