I've recorded many acoustic guitars with a 58, even used two a few times (one where the neck meets the body and one around the 12th fret) and blended them together. I don't use them for acoustics anymore, but when I did, I literally had to have the mics only 4 or 5 inches from the guitar to get a decent signal I could work with. I can hear the performances fine since it was a loud acoustic guitar, but then would use my ears and 'clip gain' to set it in the mix (you'll probably have a good deal of lo-end rumble to roll off as well, plus somewhere between 800 to 3 or 4k can get ugly too, just search for problem areas and roll off a few db's of them, narrow Q) If your doing the acoustic first, then just bring up the clips to around -18ish, and you should be good. Sometimes tracking with an in-the-box compressor can help, too. The compression won't be recorded, but helps with hearing your performance while tracking.
Like others have mentioned, condensers are much better for acoustics. But that being said, I've recorded some pretty decent acoustics with 58s.