in theory, if you got a really flat-response, transparent mic it might work better, but it would have to be a really good mic to start with. All it can do is modify the input signal, and if the input came from a sm57, you've already lost so much sound to begin with. Even though it says it can "level" the mic that you started with, if the subtle nuance wasn't recorded in the first place, I don't know how a software program could put it in there.
I tried downloading a crack of Antares Mic Modeller so i could give it a test drive, but it never installed properly. It is something I would never buy without trying for a while first. But now I see that they have a 10-day demo available. I may actually give it a whirl ...it is tempting just to see how well it works.
i would approach it like I do my Johnson J-station ... I don't expect it to sound exactly like the source it is modelling, but if it gives you nice, workable sounds, it is a great tool. I could never dream of owning more than 2-3 $300 condensers, let alone trying to get a GOOD one, and the idea of a mic cabinet is just a pipe dream