You really didn't mention if you want to go the basic snare, BD, 2 ovhd route or mic everything. I mic everything, not so much for what goes to the mains but for what I hear in my IEMS.
I really like the Audix D2's on rack toms, the D4 on floor tom, and the i5 on snare. Then, I go with the EV nd868 on bass. All of the aforementioned mics are very plug-and-play for live use, requiring little to no EQ. I use the rode M5 matched pair for overheads to both hear my cymbals and get a little overall ambience. Our sound guy generally only puts the bass and snare into the mains, and occasionally a little of the toms (he only brings up the ovhd's on Led Zepp's What Is And What Should Never Be because the ride ping is so integral to the song).
Although not often mentioned around here, buying used mics can allow you to get good quality mics and stay in your budget. Dynamic mics are generally pretty rugged, and you can tell, by outward appearance, if a mic has been used and abused. More often, these mics can be found for sale by folks who only used them in their home, or at least took good care of them (again, physical appearance will tell the story). I only bought the condenser M5's new. Another thing: I think a common tactic by many of the big sound companies on ebay, etc., is to call a mic "used" to circumvent the manufacturer's minimum advertised price. For example, Audix may stipulate the MAP for a D2 is $179. The retailer then presents the mic as "used," stating it was only used for an in-store demo. The mics I have received were all in mint, like-new condition. I guess they figure the $90-110 offering price still gives them enough profit margin and keeps the manufacturer happy. All that being said, you DO have to be on the lookout for counterfeits (especially Shure SM 57's and 58's). But, when one of these ebay sellers has 12,000+ feedback with a 99.5% positive score, they're not pedalling counterfeit crap.
Now, if you are looking at recording, these mics are all very serviceable, but there are better choices out there (which are also way above your budget). But, I think the "used" approach can give you some great mics that are a BIG step above the $150 complete drum mic packages on MF, ETC.
