I have no experience with the 4040. I do have experience recording bluegrass and I can echo guitar junkie's thought:
Get 2, if you can. Pretty much all I've had to do with decent bluegrass players is throw up a couple of mics in X/Y configuration and say 'That's the audience." They know exactly what to do. The banjo player will step forward and center a little when its his break, then step back for the fiddle players break, etc. You may have to move the bass player closer to the mic than s/he really wants to be and do a few trial runs to make sure everything sounds good... but its usually like a 5 minute process.
Pan those 2 tracks hard left and right. Boom. Done.
I've had great success with using Studio Projects C1's that way. I wouldn't call it forward, though. The players do the forward part and the C1's just give me a natural reproduction of what's happening in the room.