Take this with a grain of salt, but you could put together a good basic set of mics and still stay within your budget. Here's an example :
Kick mic : AKG D-112 or Audix D-6 at around $175-$200 new
Snare mic : Shure SM-57 or Audix i5 for around $80-$90
Then when you've got another $100-$150, you could look into either one or two mics for overheads, to pick up your toms and cymbals. The MXL 603 SDC's can be found used for around $100 a pair, or you might consider a pair of JoeMeek JM27 SDC's ($100 a pair directly from PMI audio, B stock, freight included), or one or two Studio Projects B1 LDC's ($70 each directly from PMI audio, B stock, freight included). Occasionally you'll see good used Oktava 012 SDC's for around $100 each too.
Then when you've got another $80-$200, you could pick up another SM-57 or i5 or two for your toms, if you still want to close-mic them. But frankly, like others have mentioned, the overheads pretty much take care of the toms.
Another bonus of going this way (good, individual mics) is that you'll be able to use them for recording too, if you want.