I've done this very thing before on a whole EP for a friend of mine.
He had been doing his own recordings for years on a cassette 4 track with a single Shure mic used for everything.
When he decided to have me do his EP, we both wanted to "recreate" the 4 track experience at my place to some degree.
I decided the key to that was to simply use one 57 for literally everything, like he did at home.
I think I cheated and used a 58 for the vocal...
It sounded great, in fact it was still too hi fi for him!
The best part was how fast I was able to work. Moving from one overdub to another was just too fast and easy.
Amazing how much time it shaved off to never have to deal with a different mic / clip / stand etc... or phantom power.
Just moved the 57 to another source and kept working.
Great experience, it stuck with me in terms of setting things up so that I can move forward as quickly as possible during a session.
This is a great way to get an old school sound. Not old school as in limited frequency response, although you're gonna get that with a 57...
But old school as in everything is glued together sonically, sounds like it lives in the same universe, etc.
Partially because with one mic / one overdub at a time, you can use the same preamp on everything too.
I've been thinking for years it would be cool to do this with a workhorse condenser too, like a 414.