I'd be happy with this setup:
Pair of Studio Project B1's ($125 each) - drum overheads, room mics, distant mics
Shure SM57 ($90) - snare, guitar
Joe Meek JM27 ($50) - snare, acoustic
Shure Beta 52 or AKG D112 ($125 used) - kick, bass, guitar, screaming vocals (you'd be surprised)
But I'd...