You might be able to make a decent recording using that Purple Panda mic. The primary factor is always going to be whether you're in the best location for making a recording. Assuming you get in that spot, a wide range of gear can make a great recording. It doesn't need to cost a ton of money. Hell, you could make a decent recording with internals if the other variables line up in your favor (in the right location, the internal mics don't get overloaded, etc).
If you want my two cents, I'd say don't throw money at an unknown like this. Sure, it might work, but if it doesn't you're out that money and it would be tough to make it back by selling the mic used. Instead, I'd keep saving so you can pick up something that has been tested in the field. Listen to recordings on Live Music Archive that use mics within your price range after a reasonable amount of saving. Keep an eye on the Yard Sale here for used gear at a discount. Again, you don't need something expensive (though your own listening may draw you to expensive mics, in which case you'd better start saving).
One thing to remember is that most microphones are not designed for recording music at a distance in an audience. Also, most people buying mics and reviewing them on popular sites like Amazon or B&H will likely be using the mics for their intended purpose (studios, field interviews of speech, etc), so you'll have to take reviews with a grain of salt if you intended to use the mics for audience recording.