This thread helped me understand room recording. Not exactly the same as stage recording, but maybe you'll learn something anyway.

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Good Luck
-Jake

This thread should be very helpful:
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In short, you want the best mic for the source - the mic that sounds the best.
I listed the above thread b/c it shows how polar patterns and placement can be used to your benefit.
You want the band close enough to communicate visually and feel a groove, but separated enough to take advantage of the mics' polar patterns to lessen bleed and improve isolation.
If it's a scratch track, bleed is less of a concern. I wouldn't want a whole lot of stray vocals or guitars in my drum mics though.
Every mic manufacturer should have this information readily available.

Three keys in mic selection (not the only ones!):
1. Polar pattern (pick-up pattern)
2. Frequency response (which pitches it picks up better/worse than others)
3. Type - Dynamic, Condenser, Ribbon. Each has its advantages/disadvantages.

Hope that helps.
There's a lot more to it than that, but it should give you a jumping off point.

Wow, what a good problem to have! There are a lot of us who would love to have the equipment resources you have been offered.

Reading is best, but you can pick up some valuable tips by watching the boob tube too. You can observe a lot of mic placement techniques by watching the professional TV guys do their thing. You don't get to watch the process, but if you look at their mic night after night, band after band - there's a common zone they have found that works with just about everybody. All the late night talks shows can give you a good idea of where to start with mic placement etc.

There's a cool series currently running with bands performing live from Abbey Road Studios. With the classic Abbey Road gobos (movable walls) around the drums. The rest of the band in sort of a semi-circle facing each other with good sight lines.

Later with Jools Holland is another good show for a wide variety of live music. And it's mind boggling thinking about having all those bands set-up simultaneously.

So jealous.
SO freakin' jealous.

The Live from Abbey Road series is amazing, especially in HD.

My advice would be to keep the vibe, and move things only as far apart as you have to (exception being drums). In my experience of doing a recording live, as opposed to tracking, a band that will record live plays much better, so you aren't really taking as much of a risk.

Could always track it right on the stage too if it sounds good.