IF all your speakers are pointed towards the middle of the room, and if your mics pick up much bleed, there is a good chance of moderate phasing issues. If you have the space to do so, I'd suggest having all speakers aligned along one plane. You want the mics at least to be along a similar axis.
You might be best off with a good stereo or quadrophonic room mic setup. Forget close-micing anything, just set everything at an even level where you can hear it all well with your ears, and put your best mics in an array at the sweet spot.
Another suggestion: mic only the drums. They're the only acoustic instrument you're probably using, and need the best mic treatment. "But my awesome cab collection! I want to capture that sick sound!" Brother, unless you put all the cabs in another room with good acoustic treatment and proper mic'ing, you're not going to get that big sound anyway. So much of that big sound comes from actually being in a room and getting pummeled with all that air. So what to do? DI the amps. ProCo makes a DI box called the DB-1 that you can run your speaker cable through, so you get the real gain of your amp as opposed to just running from the pedals or line out. Here's one on eBay for $30 or best offer:
http://www.ebay.com/itm/ProCo-DB1-Passi ... 1052730573 Behringer makes a copy but I can't vouch for it
http://www.sweetwater.com/store/detail/GI100 Bass is often best captured direct, and the guitar etc is going to bleed into your drum mics anyway.