MLG ACR FLT CREW OVERSHOOTS ATL RWY 8L WHEN ATTEMPTING TO TURN; INTERCEPT; SLOW; AND LOOK FOR TFC WHILE DSNDING THROUGH WX.

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ATC CLRED US TO INTERCEPT THE FINAL APCH COURSE TO RWY 8L ATL FROM A 130 DEG HDG. WE WERE PASSING THROUGH 5000 FT ON OUR WAY DOWN TO 3700 FT AS CLRED. SPD WAS 250 KTS; AND WE WERE TOLD TO SLOW TO 180 KTS TO MAINTAIN SPACING ON A HVY ACFT 6 MI AHEAD. I WAS COMPLETING APCH CHKLIST. CAPT LEVELED ACFT TO TRY TO SLOW FASTER. ILS ARM WAS SELECTED; HOWEVER; NEITHER ONE OF US VERIFIED IT ARMED. WE CAUGHT A GLIMPSE OF THE HVY AS WE BROKE OUT OF THE CLOUDS. AS I COMPLETED CHKLIST; CTLR ADVISED US WE DEVIATED WELL S OF THE RWY 8L FINAL. I NOTICED THE CAPT WAS ALREADY CORRECTING WITH A 30 DEG BANK. CTLR ISSUED A CORRECTION HDG. CAPT REINTERCEPTED AND REST OF APCH AND LNDG WERE NORMAL. NO TFC CONFLICT OCCURRED TO OUR KNOWLEDGE. I BELIEVE THE PROB AROSE FROM TRYING TO ACCOMPLISH TOO MANY ITEMS AT ONCE -- SLOW; DSND; INTERCEPT; LOOK FOR TFC; RUN CHKLIST; ETC. PERHAPS A REMEDY WOULD BE NOT TO ACCEPT THE APCH CLRNC IF IT IS QUESTIONABLE. BETTER MONITORING ON MY PART WOULD ALSO HELP. A PRIME EXAMPLE THAT MONITORING IS JUST AS IMPORTANT AS FLYING.