Well, I was in the same position as you, and sorta still am. My suggestion would be to find more money

, but seriously, try looking on ebay, just be sure you write the person if they dont have many pics to see what kind of condition the mics are in. I was able to find an AKG D112 for just over $100 on ebay and it was in perfect condition. From what I have read and experimented with, I would say to get:
a Shure sm 57 for guitar amps and for snare ($89),
get an AKG D 112 (if you can afford it) to use for bass drum ($199)
some MXL 603's ($200 for matched pair) (probably your best bet), MXL V63's, or some studio projects B1's any of these will work as overheads and use them for acoustic too
use a di box for the bass
To make your own di, go to radio shack buy this transformer
http://www.radioshack.com/product.a...5Fid=273-1365 and one XLR jack and one 1/4 inch guitar jack. Wire them up and you will also have a great DI box for the bass. Total cost $15. You will use this in conjunction with a mic'ed amp signal. Although using this transformer provides a pretty fat DI signal over most low end boxes. I have never done this but i hear it works pretty well.
With these mics you are sitting at just over $500, but all of the prices here are for new mics, so if you go used you will save lots of money.
You should be able to record every instrument seperately with this set up, but remember, you still need stands, clips, and cables, all of which cost money. Good luck with your mic shoping and with the recordings in the future.