Do you have a mic already? Depending on the room you're in, I might recommend 1 omni-directional mic placed back from where you're performing (maybe 3'-6', just throwing that out there) to capture the room sound and create more of a "live" feeling. With only 1 mic I wouldn't recommend a "close-mic" situation
Close micing with one mic is difficult, because it is hard to get a balance between both sources. But moving back away 3 to 6 ft will cause you to lose the up-close presence. So, it will be a toss-up as to which you will prefer.
Any way you could spring for 2 mics? Cleaner, more manageable sound.
Some decent cheap mics could be...V67G for vox and maybe a SP B1 for acoustic. 2 mics, under $200.
NO WAIT!!! Get the MSH1's! From what I've heard, great on acoustic.
When I record for copyright registration I always use a Sennheisser 421, pointed at the 12th fret from below and slightly angled towards me. I get some pretty good takes with it, but it definitely ain't gonna win any recording awards...
at the mo im useing a sm58 place next to the guitar but pointing ot my head... its ok but cant get ne real volume into it anfd picks up alot of background hum i think for the comp regardless of how far away from it i place it. i have a pick up on the guitar but i dont get the right sound from it that i get when iplay straight into a mic. a friend suggested just gettin a decent preampbut i liek the idea of one mic that picks up the guitar n vocals together. i want to record it as i hear it if u know what i mean
Grab an MXL 604 mic set, which has a cardioid and omni-directional capsule. More than likely the omni, placed maybe a foot and a half away and balanced between your voice and guitar, will produce a nice full sound. Make sure your room sounds good also, and that you're sitting in an optimum spot for sound.