Here's my .02 worth from "One Note Joe" as I was refered to some time back.
(it's 'cause I only have one type of mic.)
I have absolutely no experience with condensor mics. One of these days I AM going to buy one, but with a one-man operation the mic I'm recommending is quite sufficient for me now.
The Sennheiser MD-441U dynamic supercardioid. It is excellent on vocals and acoustic instruments including snare and high-hat.
It is sometimes difficult to place on a kit due to it being almost a foot long (without the XLR plug). I've never tried it as an overhead. I don't get to mic too many kits in my basement. I've used it live before though to mice the aforementioned.
This is argueably the best dynamic mic ever made. At least it is to me. Sennheiser think pretty highly of it too.
It has a five-position bass roll-off and a high frequency brilliance switch above 3K that accentuates about 5dB. It has next to zero handling noise and an excellent pop filter built in. It will also handle very high SPL and has excellent off-axis rejection. This is the creme of the crop in dynamic mics.
I didn't mention this mic before because you said "cheap" and I didn't know how cheap, and you looked like you might have been leaning toward a condensor in the first place. I just though I'd introduce this mic to you since I seem to be the only one here who swears by this mic.
OK you condensor guys, take yer best shot!