Yikes. That recording is.. well to be blunt, pretty bad.
First of all, I may just go out on a limb here and say Sound Pros T-mics, and really, all T-mics, are crap for recording music. Tie clip mics like that are not really designed to do what we we do - they're designed for interviews and other vocal applications, generally. Besides the problems inherent in placing a mic on your chest to record, the main issue here is that the mic is distorting, badly. The M10's way, way overexaggerated bass rolloff has cut out some of the loud frequencies that would cause even more distortion, but even with that, the mic is just not capable of handling the sound pressure levels you are getting.
Again, I ask, why does Sound Professionals sell mics to people who are recording rock music without low-sensitivity mods or 3-wire configurations? Without one or the other, everything in their line will distort when recording a band like Skid Row. If people don't take the time to ask questions before buying, that's their bad I guess, but really, SP has to know at this point that their customer base consists of a lot of tapers, and unless they're taping solo acoustic performances only, most tapers need low sensitivity mods. It really, really, really frustrates me that SP doesn't tell people this.
Based on what I'm hearing, you won't be able to fix your issues with this mic with any settings on the M10 - the M10 can't fix overloading of a mic. In fact, its internal mics may be better than what you got from this thing.
The previous mic you used, the Olympus, has a response curve that if memory serves is all midrange - so it will emphasize some of the frequencies where you find guitars. Of course, it will have little bass, and a host of other problems, like generally sounding bad. I would be surprised if it didn't also distort pretty severely, but I haven't listened to a recording with it.
I would return that product to SP immediately if you can, and either buy one of their mics with the low sensitivity mod that is not a T-mic, or talk to Chris Church on this board. They probably will only give you store credit, so you may be stuck with something they've got.