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SM57 w/TAB-FUNKENWERK

I haven't used it, but I will note that they tout the xformer upgrade as improving the high end response, and they say nothing about the low end. Really the only thing "wrong" with a bone-stock SM57 for bass is that it doesn't have a very deep low end response. If you're comfortable with the lows from a stock 57, then it sounds like (just from reading the Mercenary page) you wouldn't need the upgrade unless you wanted more highs.
 
I have done a lot of research about this mod. Honestly, the expanded mid and high range describes the characteristics of a sennheiser e835 (which I prefer over a 57 for guitar) It has all the tonal qualities of the 57 with much more cut.

I'll use a pair of 57's on a rhythm guitar, and a pair of sennheisers on the lead. Excellent differentiation.