When advising on a certain drum brand, I was often asked if the drum / kit was versatile. Well, of course it is within bounds, but I offered this - "if you seek a truly versatile drum, then you only need one. If you seek character, then by it's limiting definition, it's therefore less versatile, but more distinctive". A truly versatile drum does everything to an acceptable standard. There's a lot of choice if that's your goal.
I really really like this response, and it makes a lot of sense.
As others have said, you can take anything and make it do anything, based on some minor tweaks, but some things are better suited to certain tasks than others.
Take my trumpet for example. It's a Jupiter XO 1600i, the Roger Ingram signature trumpet. (For those who are unfamiliary with Roger Ingram, he was Harry Connick Jr's lead trumpet player for over 20 years) This horn has some characteristics that I really like for the playing I do with the wedding band - It slots exceptionally well, so it's secure in how it plays, particularly with a shallower "lead-type" mouthpiece, and It has a very bright, cutting sound - borderlines on brash at times. That's the character of that horn, and it's great for anything in the commercial genre of music.
However, as a classical trumpet, it gets the job done ok, particularly with the right selection of mouthpiece, but if you push it a bit too hard in the upper register, it still wants to brighten up and cut, and it stands out a little too much, particularly in a chamber group like a brass quintet. It's not as versatile as the ubiquitous medium large bore Bach Stradivarius with a 37 - what I refer to as the "vanilla Bach," simply because the sound is less distinctive - it's a great do-everything trumpet, but IMO it doesn't truly excel at any one particular thing.
Drums are the same way. I doubt if you'd want to play arena rock on a 12x5 snare drum. You "could" do it, but a 6.5x14 Supraphonic or Black Beauty would get the job done better.