Well since you already know, quote slinkycat:
"Yes, i know it shouldn't be done, But it will be done"
And I am fairly certain that this won't cause the earth to tip off it's axis. You might try few/several feet in front of the kit waist high probably kiltered a little more to the snare side. Moving the mic slightly up/down, left/right, closer/away will all change the mix of snare to bass to cymbals. You pretty much gotta put on set of headphones and move the mic around until you find a relationship between the three sources that you like. If your other mates are going to be playing as well then isolation becomes an issue. It is possible to get a good recording of a drum set with one mic but a lot depends on the room because you are micing the sound of the instrument in its space.

As far as recording push the red button, I would not EQ it until after recording.

I agree, you want to move the mic around to get your drum mix. It never ceases to amaze me how much the tone can be affected by the tiniest changes in mic position. If you spend some time with it, one mic can sound great, esp with a small kit. I recommend doing some trial recordings, pref. with the guy who will be playing. Drums being so loud, it's hard to hear the mic by itself if you are standing in the same room as the kit, trying to listen. It's esp a problem for kick- since you're on cans, you can't get a good idea of the low freq picture; plus you're going to be feeling the live kick in the floor & in your chest.

could you put the mic next to the drummers ear and let him do the mixing?. , just a thought , if hes got enuff oomph from the kick there