Unless it is a huge space I find that I don't need to mic most cymbals at all especially if the toms are miced. I put a mic near the hat and the ride. The crashes are in all the vocal mics anyway and an OH just muds it all up.
Just my $0.02
Yeah, Ive seen that method used to good effect before and cant really disagree with how it works. The only thing I dont like about your method is I can hear a difference when the vocalist steps up to the mic (reduced high end from the drums specifically). It is very easy to go overboard with the overhead in small stage situations, and just like anything else..... done (mixed) with taste it can make a world of difference. Thanks for reminding me of that method. It may just be the compromise I was trying to figure out.