The settings will depend on various details, the Microphone brand and models, each one has a different response and sound, also how you EQ the Microphones......as an example, depends of the Mic you get, as an example, the Dynamic Mics are more popular, but, then you have the most common 2 types, Cardioid and SuperCardiod /or HyperCardiod(Depends on brand, but are the same)..... For the arranger players/Singers, I recommend the SuperCardiod or HyperCardiod, it has more direct pick up pattern, the Cardiod pattern has tendency to get feedback since it captures sound from all over, sides, behind, etc....
Most arranger players use the on board speakers or even the satelites like in the Genos....and then is the Super Cardiod that does a much better job(much harder to get feedback), I use the AKG D5S Sounds amazing and is very inexpensive there are 2 models the D5 (No on/Off switch) and the D5S with Switch. This mics retail for $95-105.00 USD
Now, if budget is an issue, AKG has the P5 and P5S basically identical to the D5 only with a different body and switch for about $20.00 less on each of those 2.
Of course, there are other like the condenser microphones, those need Phantom power and the Genos is the ONLY model that provides that. Other wise, depending on brand and model, you may need batteries or an external Phantom power that will make you spend more money and to be honest, the D5S does an Excellent job and no pain.
My 2 Cents
Manuel