Your mic setpu is more than adequate. However, I'd recommend at least one over head (OH) mic, and 2 would be better. Maybe swap the room mic for OH...

I also suggest recording the drums "dry" and adding the reverb when mixing. Opinions differ on whether to "print" or record with compression. However, I'd say use a clean compression @ 2:1, and listen to your attack and release to find the best setting - you don't want to hear comp at this time. You will most likely compress again later, and thrash metal drums can handle quite a bit of compression as an effect too.

If your band will be recording all at the same time, do you have a drum room to keep the kit separate? If not, how do you intend to limit bleed from guitars/bass from drum mics?

Experimentation is key. You can work much of your sound out by yourself, prior to your actual recording date. Enjoy your journey!! :!: 8)

Thanks for the advice.

At the moment I am recording 'dry' and adding reverb at a later stage. Where abouts would i locate a (OH) mic?

and with my band, we won't be recording at the same time. We will be laying seperate instruments down at different times. The only 'Spill' or 'Bleed' I get is guitar sound coming from my headphones. Because we are recording a guitar track for me to play along with whilst i lay down my drum tracks.