Re: beginner recording studio
If I were to use a DAW other than the console I use, I'd use Reaper. Tons of flexibility, inexpensive, tons of excellent freeware plugins. Seems like a no-brainer to me.
Bass: I'd start with just DI'ing it. Have the signal go to two tracks simultaneously. One track clean; panned however you want (I prefer center for this track), and the second track with slight OD; panned however you want (I prefer ~60% right). I also like to add a chorus effect, EQ the clean track to be heavy on the 100-250 Hz range, slightly bumped 500 Hz, heavily dipped 1KHz, boosted at 2KHz, then gradually rolled off after that (but not a LPF). For the OD track, I like it heavy in the 500 Hz-1KHz range, HPF at 100 Hz, LPF at 5KHz.
Guitars: Experiment with SM57 placement. That mic is the workhorse for recording electric guitar in nearly every studio. Play around with the distance, keeping in mind the proximity effect, and that the closer the microphone is to the speaker, the microphone captures less of the full speaker and is focused on a certain part of a speaker. It all depends on what the part needs. It wouldn't hurt to get a second SM57 and place it at a completely different part of the speaker as the other SM57. Experimenting with double or even multiple tracking and panning will also do wonders for a mix. I usually EQ less aggressively than with bass - HPF at 100 Hz, a wide bump in the midrange, with the peak to taste (sometimes around 800 Hz, sometimes higher than that), and a LPF at 17K-18KHz. You could also experiment with placing an SM57 in a more middle-ground spot of the speaker (not too close to the dust cap, but not too close to the edge of the speaker), and place a condenser mic in the room at about ear-level without a whole lot of EQ. This will really add the room to the sound, add high end detail, natural room reverb, and sound more like what you hear in person.
For vocals, I'd recommend either starting with a large diaphragm condenser, or you could use the SM57. Both will need a pop filter (you can make one real easily out of pantyhose). The SM58 is just the SM57 with a different windscreen with a pop filter built in. Pretty subtle difference.
If you ever want to get into ribbon mics, don't skimp on mic preamps. Preamps make a WORLD of difference with nearly any ribbon mic. Also, ribbon mics tend to be delicate, can be destroyed if used with phantom power, and can be destroyed if exposed to sound waves blasting it way too hard (don't put the mic up against a blaring Marshall stack).