Hey guys, I was hoping some of the recording guys here could help me out a bit. I've decided to record my first EP with a real Bass Amp as opposed to my Axe Fx just for fun since I'm not recording a pro album and don't feel like it's gonna matter too much since it's more for me then anyone else.

I know nothing about micing up cabs and recording bass.
I was looking at this sorta cheap bass combo amp from orange called a Crush PiX CR50BXT. It's only 50 watts so it's not too loud. Since I'm playing metal I was going to run a Electro Harmonix Bass Big Muff distortion pedal to get some fuzz on it. My first question is if you guys think this pedal is sufficient for what I'm going for or if you have any other suggestions. (If It's of importance to your answer I'm gonna be using my Squire Vintage Modified Jazz Bass 5 in Drop Ab)

My other question was about mics. I already have Shure SM57 mic for recording guitar but I wanted to know if this mic is good enough for recording bass or if I should invest in something with some more low end. If you have other suggestions please feel free to share them. I'm eager to learn.
I really wouldn't bother with the bass amp. It's extra expense for something not really required. For a start, reproducing an Ab on a 50w (I bet it's actually only going to output around 30w, as there's the option for an extension cab) 12" speaker will be poor. Low frequencies require more power for the speaker to reproduce properly. By going through the AxeFX, at least you'll be getting the sound from the instrument straight to your DAW.
Most recordings do not use any micing of a bass amp.

Only once in 38 years has anyone ever mic'd my bass amp, that was a live performance, and the sound guy insisted when he saw a Genz Benz being set up on his stage.

Direct is really the way to go. You can use the preamp tone from the Amp by running direct out of the effects send of the amp into the board.

A stock SM57 might do well on the speaker of the 50w cabinet, you might just get another mic as well and record a direct, a 57, and another mic tracked simultaneously to just see what the Bass Muff does to the amp circuit and the speaker.

If you have the time.
Ibanez BTB 1006 Fretless and 405 (no Barts)
456 & 455(w/Barts)
Genz Benz NeoX400 112T & NeoX 112T cab.
Digitech BP-8 (x2)
Yamaha PB-1
Boss: SYB-5, PS-2, OD-20, EQ-20, PH-3,BF-3, CE-20, DD-20
Morely A/B