I'm trying to find the cheapest dynamic+condenser mic combination the Satch pack goes for about $300 is this as cheap as it's going to get? I was hoping to spend only about $150-$200.
Ixelion, what exactly are you looking to record with the two? If you're just tracking electric guitars, well, multi-mic setups can be a lot of fun and all, but the added complexity (phasing issues can become huge) and the added expense (you need two mics instead of one) can make quite a barrier for the home hobbyist.
I'm not going to pretend to be some kind of pro or anything, but I've been a bedroom hobbyist for probably almost a decade now, since college, and for the last three or four years have been gainfully enough employed that I didn't feel bad buying more than one or two mics. It's worth noting that while occasionally I'll screw around with more than one mic on a gutiar cabinet, 95% of the time I just throw a SM57 or an Audix i5 up maybe an inch or inch and a half or so off the grille and leave it at that. Acoustics, sure. Drums, of course. But electric guitars, really it's tough to beat a SM57 or similar mic close mic'ing the cab.
If you're looking to primarily record electric guitars, save your cash and buy a SM57, and spend some time really getting the hang of micing an amp with a single mic. After you've gotten the hang of that (and it'll take a while - getting a good sounding guitar recording is an absolute art form so expect to spend a LOT of time being dissatisfied with your tone before you begin to get results you can live with), at that point maybe it'd make sense to grab a second mic - an i5 or an e906 both make great SM57 alternatives.
Especially if you're new to recording, dealing with two mics at once is such a nightmare that it'll probably just turn you off and make you want to buy a Pod.
Jamie - I actually kind of dig the AKG C series, too. Sure, they're no Neumans or anything, but depending on what you're using them for, they're on par with anything else in their price range. I'm sure the Rode K2 is a great mic, but it's also twice the cost of a C3000B, and more than twice his $300 budget. As a hobbyist who's not hoping to make any money off his recordings, I've gotten more mileage out of my C3000B and a pair of C1000s's than I would have out of a single K2 - tough to use one mic for overheads or for a stereo acoustic recording, you know?
RSVampire - the last couple albums have been direct, but Joe's guitars sound a lot more natural this time around. My money says he mic'd up for most of this album.