Rick, here's a link to another mudcat page talking about the same question. Sound Check

I was also looking for a single mic setup, and found it. We use an Audio Technica AT4033 cardioid mic ($300 - $350), which is the same setup used by the Del McCoury Band.

This one mic in the center along with one mic mounted on the bass worked very well. The board already has phantom power, EQ, etc, so we just need to plug in the two mics, set the levels (which I wrote down) and start playing! No monitors required, because we're all so close and can self-balance our sound. An experienced sound engineer helped us set the levels for this particular room.

We have to learn how to move in and out of the range of the mic for solo breaks and harmony vocals.

The HUGE benefit is quick setup and breakdown time, and the sound is actually very good. One drawback is the choreography required, but that actually provides some visual interest for the audience.

Good luck. Hey, I'd love to hear your band! When are you coming Down East?