lo-fi? Not much lo fi about a digital recorder, have you tried setting up several boom boxes with built in mics around the room?
okay seriously though:
I have a 2 input recorder also, and a small mixer. I use 2 dynamic mics (one between snare and hat, one in kick) I pan these in my mixer hard left, and pan my overhead condenser and distant room mic hard right. The panning is not for stereo separation, it is just so I can have the L and R outputs of my mixer going into the two inputs on the recorder, so I have a track recorded of close miced kick/snare and a track recorded of 'room' and 'overhead'. It's kind of a ghetto way to get a bit of isolated close mic on the two drums I consider the most prominent.
Have to be careful setting the snare level underneath the kick level as they record to the same track, but it also shows up more in the overhead than the kick. This is a good tthing, because the snare sounding weak compared to the kick in the one close-mic track and sounding mushed in with the OH and room in the other, adds up to a decent level overall. It has taken me several play-the-drums-tweak-the-knob-listen-rewind-again aigain again to get it where I like the balance, but it is better than having a cymbal heavy trash track from just a single room mic, as I can add/drop those key kick-snare EQ tweaks to give it a bit more oomf without affecting the rest of the room sound. Also, a reverb send in small dose on the K/S is nice, but having it on the OH/room is ugly.
I have to work to get the balance between kick mic and snare/hat mic right as they are both recording onto the same track, but this way with the 2 inputs, I have 1 track that is close kick and snare and hat to add punch, and 1 track that is just 'everything' overhead sound and the 'room mic' (which are conveniently lacking in kick compared to cymbals and toms and snare).
Before I had my mixer and just used 2 inputs, I put one mic above the set and one out in front around the height of the top of the kick drum, pointed down at center of the kick from about 3' away. Pointing it down seemed to reduce the amount of crashyness bleeding in.
...now once you have your drums recorded, play it back out of a boom box and mic the boom box back into your recorder. now it sounds lo-fi!