I'm going to disagree with some of the other folks in here that have suggested using SM57's. You are needing a pair of mics to capture DRUMS, bass AND guitar. The 57 is a great cab mic on guitar, but not my choice for bass mic (though many would say in a pinch it can get the job done). It is also a good mic for certain areas of the drum kit (especially the snare), but that only leaves you one mic left over so.......
I would go 2 large diaphragm mics. Here are my reasons:
1. You can stereo the room and or individual instruments (hard to stereo drums with one room mic and a 57 on the snare).
2. The large diaphragm mics work well with the drums, and can be effective cab mics or acoustic instrument mics.
3. You do still have DI's available for many bass and guitar amps (or affordable DI's that can still get the job done)
4. You have very capable vocal mics now available too when the time comes.
5. Because I said so.
OK, #5 wasn't really a reason but if you're looking for the bang for buck factor you can't go wrong with this choice. Remember, the pawn shop is your best friend. I've picked up some $750 (new mics) for less than $200 (used). There are also the budget condensers available too. Don't be afraid to try a Nady mic ( http://www.guitarcenter.com/Nady-SCM...23-i1127187.gc
). If you're not running a million dollar studio, and money is tight you work with what you can afford. Phantom power may be an issue, but there are inexpensive ways around that too. EQ's and Plugin's on the DAW you're using can get you very close to the sound you're wanting. You just want something that can get as close to the sound you're hearing as you can. I don't think you'll be unhappy with this choice.
Again, huge fan of the 57.............I use them live and in the studio. But with this scenario......2 large condensers will do more.