There's a reason they invented the pickup, but yeah, if you can use a mic in the situation it may be the way to go.
Cheap Mics:
Sometimes its a matter of finding what a mic is good for. I have a cheap audio-technica mic (about $30 long ago) that is the best ride cymbal mic I've found .. stinks for vocals, but is an excellent ride.
Then again I've seen a few that would be better suited for pounding nails.

When recording, don't just set up a mic, set up a few and compare. You may be amazed in any given situation. Joe's acoustic may sound better with mic A while John's is better with mic B.
I'm actually really glad I typed this because now I realize I've 'pigeon-holed' that mic as a drum kit mic and I really should include it more often to see what else it may be good for.

Make your sound your own!
.. I do not work here, but the benefits are still awesome