That certainly seems like a pretty workable low-cost taping solution.
As an alternative, you might consider the new Tascam DR-40. It just came out, so I don't know if anyone here has any experience with it. But it looks to be a little brother to the DR-100 which I know many people have used successfully. I'd guess it also sounds similar to the other Tascam digital recorders. I now have the DR2d which I like alot, and I've previously owned the 8ch DR-680, which also sounds very nice.
The beauty of the DR-40 is that it takes XLR inputs, and includes phantom power, so you could have a simpler solution and skip the ART phantom supply. The DR-40 seems to have a street price of $199, so it isn't much different in price than the Zoom + the Art phanom, skips a box and cabling, and I'd guess sounds better (reaching here, but I don't recall people liking too much the Zoom recorders, and the tascams sound good to my ear).
Those Fostex mics seem like they fit the bill, and I don't know that I'd look into any other cheaper full size mics. For cheaper consider the micromics like the Soundpros you mention, or some Church Audio mics. My two cents though -- if you want to get into open taping (Archive.org bands), I'd stick with full size mics just so you can learn to work with them, learn to work with mic patterns (certainly possible with micro-mics, but seems easier to me using t-bars and mic mounts with full size mics), etc.
In terms of other full size mics to consider, I know people have talked about and used the Marshall MXL 603S mics, which are about $170 a pair, so close in price to the Fostex mics. Also, Nick's Picks -- a respected member here and certified gear slut who has owned all kinds of expensive taping gear in his day -- raves about the M-Audio Pulsar II mics. A matched pair of those with t-bar, mounts, etc can be found on Amazon for $250 a pair.