Just curious, why wouldn't you put the condenser inside the bass drum? Will that damage the mic?
possibly, but not likely since the max spl is 144 dB which is pretty decent. if anything, the mic's output would clip.
but it's a question of application. as a general rule, an LDC will pick up more detail and more high end than a dynamic will. this makes condensers more suited for OHs since the OH is trying to capture the entire kit and cymbals.
a kick drum, otoh, is producing low frequencies that can be sufficiently and even preferably reproduced by a dynamic mic. ideally you'd be using a large-diaphragm dynamic, but ideally you'd also have stereo OHs.
what we're all suggesting is the best way to utilize each mic at your disposal. most importantly, you need some overall picture of the entire kit, and that's where an OH comes in. the LDC is the best choice for OH. the next 2 important things (imo anyway) are close-miking the kick and snare, but i'd place a little more importance on kick since your OH should pick up enough snare. the sennheiser is most likely a better mic than the peavey, so that's why i'd put it on kick. then i might try the peavey on the snare just to see which way sounds better--with or without it.
in the end, just experiment with everything and let your ears make the decision for you--we're just suggesting sensible starting points, but your ears are the only ones that are actually in the room listening.
check out the stickies in the mic forum. many many questions can be answered by reading those threads.