That's how I usually divide up microphones in my studio. A lot of people do it that way too. It makes life a lot simpler when it comes to choosing a particular mic for a specific task. Here's how it works:
Most of the "workhorse" mics either have a strong specific coloration (a "signature"), or they are very neutral sounding. They become standards in the studio because they work well for a particular task (e.g., a 57 on snare or electric guitar), or they are fairly neutral, without big peaks (Schoeps, B&K, or ribbons on strings and horns).
The "one-trick pony" mics generally have less uses, but when they work for something, they may work better than anything else you have. These are usually the "try this; maybe it'll work" mics, but they can sometimes surprise you in some applications. I had an AKG C3000 (which is known for its screechy top end), but on one singer I recorded, it sounded perfect - better than anything else I had. After we finished that project, I sold the mic, since it wasn't worth it to me to keep it around just for that one singer.
So, let's talk about workhorses and one-trick ponies. I'll start a separate thread for each, and we'll see how different mics fit into these two different categories. We'll talk about using specific mics and what applications they've worked well in. Some of the choices and applications may be surprising.