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SM-58 is definitely recommended. I'd also recommend that you look into a small pa system and a mic pre...ART's Tube MP Studio is a good example of the latter. Nady also makes good mics cheap-you'll want more than one mic. As said above, your gear depends on your budget, and also whether you're looking at playing out or in-home recording or both. The requirements for each can differ.
A mixer and pa system for the band is a must...monitors and/or headphones are valuable optional devices. It's very possible to find good budget gear if you poke around a bit. You'll also want to make sure you have things like tuners, allen wrenches, extra tubes for the amps if you're using tube amps, extra screws and screwdrivers, a solder gun (wires love to come loose), extra strings for the guitars and bass, and lots of duct tape. These last seem obvious but you'd be surprised how many folks for get them. It's also a good idea to keep the all of the warranties for your new gear in the same place where you can get at them.
A metronome is also a handy tool...and if you're going to do covers, buy the sheet music. That way there's less room for dispute and a good starting point for improvisation. Even if you don't read music, there are usually chord charts/tab included with the sheet. Whether you're doing covers or originals, register with BMI if you're in the US (it's free) or the regional equivalent.
I'd also recommend compartmentalizing responsibilities-one band member is in charge of making sure there are strings, one in charge of tools, etc. Make sure that your instruments are in good shape, have guitars intonated, truss rods adjusted, etc...drum heads tuned, free of rips and tears. Sweat the small stuff and you can play worry-free:)
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