sound-rubbish = awesome!
i don't play drums very often these days, but i used to really prefer the aforementioned kind of setup to my nice pearl drumset (which i'm finally selling!). i used this (
http://home.earthlink.net/~erinys/contactmic.html) as a guide to build my mics, and then i secured them by dipping them in rubber (so you don't break them when you accidentally hit them). then i put my bass drum and toms through a boss bass overdrive (yes, i was able to create feedback loops with my drums!) and the ol' danelectro chili dog octave pedal (dropped down LOOOOW) and my snare, cymbals, and cowbell(!) through a big muff...
and besides, everyone knows delay on drums = cumtastic!