You can record the drums any which way you like, some methods and equipment as you may guess, will yield better results.
I first recorded drums by telling my bandmates to shut up for 5 minutes, while I played the drums and hummed the song in my head. I would later take the tape (we always recorded our practices), through it in the fourtrack, and voila, stereo drums. Of course the sound quality was horrendous, but you could at least make out the drums, and hell it was free.
I later figured out that I could bring my fourtrack with me, bring a few mics, and place them around the drumkit. I would submix the 4 tracks down to another tape deck, and then dump them back into the fourtrack. More effort, but better sound.
I eventually got an internship at a small studio, and began to mic the kits for the engineers. Mics would go on the snare, kick, 2 for the toms, and 2 overhead to catch all the cymbals. A much better system, and better equipment at my disposal, resulted in a pretty good sounding kit.
Finally when I got behind the board, I went totally nuts. In addition to the setup above, I used the ‘good’ mikes :D, and had the time to sit around and adjust the mike placement. I found that crisscrossing the cymbal mikes (the base is on the left side of the kit, but the boom would stretch over and record the right side, same for other mike but reversed) gave an even better sound because mikes don’t pick up what’s behind them very well. Then the true gods of recording come in, compression and noisegating. Compression is nice for fattening up the sound, and keeping a cap on your levels. Noise gating will clean up the raw tracks immensely. I would throw a gate on the bass kick, which would give me a track of pure silence or the crystal clear millisecond thump of the drum, followed again by pure silence. No cymbals, no toms, no snare, nothing. I would do the same for the snare, so again, perfect silence, until the snare is hit, and then back to perfect silence. No bass, cymbals, etc, on my snare track. No doubt you’ve figured out that this will give you an exceptional recording. Over the years I’ve become so obsessed with doing this, that on any song I produce, I replace inaction on any track with pure nothing, in hope of getting rid of any minor imperfection. I recently spent 2 days erasing the breaths on a vocal track that the singer was doing between words.
Any way the point of all of this, (aside of me babbling about music, which I’ll do at the drop of a hat), was about recording a single drum track with 2 mics.
I’m sure with some time, and a decent acoustical environment, you could do that no problem. I’ve heard some good lo-fi stuff, and I wouldn’t be surprised if they did it with 2 mics.
There is not really a right or wrong way to do things, it’s only the end result that matters.