Hooking an instrument up through a mic cable with a straight-thru adapter is probably not the best thing to do. The cable impedance is wrong. Not that it matters much at short distances, but you'll probably be happier if you use a line matching transformer on both ends.
Using balanced cables for instruments (with transformers) is a really good thing to do if you need a really long cable run, as running unbalanced audio more than about 20 feet isn't a bright idea if you can help it. For short runs... it probably doesn't matter what you do. You could probably run bell wire for up to five or six feet and not notice much difference....
As for speaker cable, I've used them as instrument cables for really short runs (as in 20 feet or less) in a pinch, though there's a definite hum if you do. They are unshielded for two reasons that I'm aware of:
1. higher power-carrying capacity (since the wires can be a larger gauge), so you end up with less voltage drop over a distance (which would otherwise seriously dampen bass reponse)
2. higher power across the line means that noise is smaller relative to the signal level, so shielding doesn't make much difference anyway.
As a side effect, unshielded cables have lower capacitance. I'm not sure what difference that ends up making, but I'm sure there are some EEs here who could say more.