This is something I've dealt with a bit - as my band's rehersal space is an acoustic nightmare. We've tried it close mic'd and used overheads - and I take the overheads everytime.
I've actually found that good overhead microphones actually make the mix sound worse than a pair of $200 condensers. The idea here is that the nice overheads picked up a lot more of the room.
If you want to check out a recording we did about month ago (before I spent 10 K on new gear) right click this link and save the file to your computer:
http://www.harbinger-trio.net/Music/DawnTreader.mp3
It's no gem by any stretch of the imagination, but it gives you an idea what 2 crappy condensers (AKG C2000) can sound like in a terrible room. The only other mics on the drums are a SM57 on the snare and an Audix D6 in the kick. Everything was recorded live with the guitar amp and bass amp in the same room about 8 feet away from the kit.
If you want to know more about the other crappy equipment used to record the song let me know and I'll give the run down.
Hope it is helpful....