Audioholic":163xlmn1 said:
Dial in less bass for starters. Position the mic more towards the center cone perhaps. High pass your guitar track a bit after recording.
The SM57 being a dynamic mic, in close micing positions create something called "precedence" effect, which can increase the amount of perceived lows from sound sources. When recording, don't be afraid of trying the mic a few inches away from the speaker grill, 4-6inches usually will reduce this boominess. The use of a High-Pass filter, usually around 80-100Hz will remove this if you want that tone from the extreme closeness of the speaker, as well as leave room for the Bass Guitar and Kick in your mix.
The idea above is great, but know that getting TOO close to the cap of the speaker will add harshness as well as reduce lows. Don't let convention lock you in to one technique, try a lot of different things, you might surprise yourself with cool sounds!