I agree 100% with the Rode NTK. I have one and it's great on vocals. If I could afford another one I'd use them for drum overheads too (although a pair of NT1000s would be cool). The NTK could sound cool with an acoustic guitar, a foot or two from the soundhole (off-centre), with a smaller condensor about a foot from the neck around where the fretboard meets the neck. Noice! With the NTK you can blend between the cardioid, figure of 8 and omni patterns, which is handy.
For kick drums, I hate the AKG D112. I have one and I'm just not a fan. Obviously if the drums aren't tuned properly, they're going to sound crap whatever you use. My cousin has an Audix D6 which sounds fantastic. They don't cost much more than the AKG now.
For snare, I think an SM57 works fine. For toms, I have the little AKG clip-on mics which are ok but not great. I'd like to try the Sennheiser e604s.
SM57s work fine on guitar amps. I tried a few different mics but the guitarist prefers the sound of the SM57.
I've only recorded saxophone once and that was through a Rode NT1000. It sounded fantastic. It helps if the sax player has a good set up and knows how to use it.
Something to think about that's more relevant to mics than compressors is mic preamps. If you're using the inbuilt preamps on a budget mixer, it's going to make any mic sound like a £10 Argos jobbie.
For bass, I just record using the DI out of my Aguilar DB680 preamp. It sounds exactly how I want my bass to sound. I have no idea about what I'd use to mic up bass cabs or a combo. Maybe an SM57 and a kick drum mic. Or the Sennheiser e609 could be interesting.
For the Motown sound, they just used 3 mics in total: 2 room mics and 1 vocal mic. You could always stick two good condensors up to capture the room sound in stereo - a couple of Rode NT1s would be good for this - as well as close mic-ing everything. Then when it comes to mix down, you'd have the choice of either a vintage sound, a modern sound or a blend of the two.
But sometimes it's nice to just be able to worry about getting your part down right.