The best way to avoid "overwhelm" and to avoid having to "reinvent the wheel" is to look at the way amps and cabs are recorded in the real world, both live and studio environments. Look up recording "tips and tricks" and that should get you well on your way. While equipment selection and basic recording fundamentals are important, play around and find what sounds best to you. Remember, the same setup with two different players can sound completely different.
As to mic selection, there are basic guidelines. Different mics are used to enhance certain frequencies. Also, from a physical recording standpoint, it's not a good idea to use a high end condenser mic inside a kick drum. It won't end well! A lot of general recording is accomplished by surprisingly few mics, mostly of the dynamic type.
Being able to use EQ well is also important. Just read up on some basic recording set ups and you'll accomplish a lot in a short time.