SM58 for so high $$??? I thot i saw it selling for $125 at Sim Lim???
SM58 is ok on vocals, in fact quite nice for female, but not for man!!! My recommendation is that you try out quite a number of mics at the shop to see which fits your voice. SM58 is just common, but that doesn't mean it works well with your voice. I know it doesn't with mine!!!
Other recommendations i can give you for your price range will be Shure Beta58(a bit steep!), Audix OM2, Sennheiser E835, Akg D88. Try them out at the shops! Remember, everyone voice is different, so stop following the trend and start using your ears instead....