Ok - first thing - I am not a professional, I record crappy tones that some people hate, and some sounds I've recorded that people love but I hate, so maybe I don't know what I'm talking about... but here's what I'd do:
#1 thing is to be sure to get an interface gets out of your way (i.e. you're not screwing with levels and crap when you're just trying to play the music). Pretty much any modern interface will record super high quality sound, even the cheap ones.
If you're going to be recording the whole band at the same time, it's critical that you get an interface that can handle enough mic inputs - ex. your laptop's sound card or focusrite 2i2 is not going to cut it. I recently bought a Focusrite 18i20, I know that seems excessive, but seriously I don't know how I lived without it before. I can run my guitar directly into it, then out to an amp, and I can record both my mic'd amp as well as my dry guitar signal for later re-amping, all while not stepping on the toes of any other channels.
I really can't understate how valuable it is. You record your best possible take, or several takes of a song, and then everyone can just go home. Then if you want to spend 30 minutes or 30 hours re-amping and mixing that's up to you, you have your dry signals to work with. As long as you are a little anal about the initial setup, make sure there's no clipping on the dry signals, you can basically do anything.
SM57's on the guitar and bass amps make a lot of sense, they are cheap and easy to set up, and sound great.
SM57 on the snare drum is common, workable on the other stuff, but personally if you're going to get a bunch of mics, instead of getting 6x SM57 I'd consider looking into some other budget mic options at least for the kick and cymbals. Then you have a bunch of options to try out for other stuff... it's pretty fun sometimes to use a less-common mic on something else, even if just for an intro bit or something.
If you end up with a multi-mic interface as I describe, you may want to consider getting a condenser mic for the "room" in general, which you can mix in to add a little air. Just put it on a stand somewhere in the middle where it gets good sound from everyone. And this brings the next part into question, the room you actually record in, ideally you'd want some separation between your amps and the drummer so there isn't too much crossover in the channels... a lot of places use plexiglass/plastic paneling for this purpose, and also hang some blankets and stuff around the walls to keep the reflections down... you can always add "room" reverb later on. You don't want to be hours deep into mixing your song and find an annoying snare drum hit in your guitar mic track that you can't fix.
I'm a little out of date on what your options are on the market these days, but I think at minimum you need that 18i20. That has 8 mic preamps, which means you can record 8 mics at the same time. The next model behind that is the 18i8 which only has 4 mic preamps. If you only have 4 mics, that's very limiting. You'll have 1 on guitar, 1 on bass, then you only have 2 to split for a whole drum set (1 kick, 1 snare... hope for the best on crash and hi hat?), and nothing for vocals if you need that. Also I'm aware I just gave you a shopping list that could easily hit $1000, but hey, that's why recording studios exist and charge for this kind of stuff. Depending on your area, you may want to consider just ponying up for a professional studio, they will do it faster and more efficiently than you can and they'll have better quality gear.
Good luck I hope you'll share whatever you record here. I've been really enjoying digging through people's signatures and listening to the kinds of music they make.