Old school punk rock guitar amp sounds are the same as any other big electric guitar sound coming out of the same era--the big difference was presentation in the music itself, not the tools for the task.
So approach it the same way as if you were trying to record T-Rex, or David Bowie or even Journey electric guitars. After all, there were just a handful of big amps to choose from--we are talking about 1975 here, maybe 1976, right?
So if you want to use an SM57 on the grill, go for it. My preference is an Audix I-5 instead of an SM57, or maybe a Sennheiser 906 for up on the grill. I also like a ribbon mic for rhythm electric guitar. But for my efforts, I would typically add at least one other mic somewhere further back in the room for the big amp, room sound. I have used large and small diaphragm condensers to good effect. I find that a 2x12 or similar will get you that big amp sound due to pushing more air out of the speaker cones. It does not need to be two 4x12 cabs or anything ridiculous like that... depending upon the size of your room, I suppose. My preference is also to use a lower wattage tube amp that can then have the POWER section cranked to get the power tubes to saturate rather than building a lot of preamp gain.
And where should the mics be placed? Where it SOUNDS the best, of course!
The rules are the same here as with any other electric guitar sound, for the sake of the engineer. If you are producing, not just engineering, then encourage the player(s) to keep the preamp gain lower and push the power amp (tubes) harder--THAT more than most other things, would be in keeping with the big 1970s electric guitar sound.
And for the record, I love that old school punk stuff. I grew up listening to it and I still perform it myself. I am happy to hear someone else is pursuing it. Have fun!