The SM57 capsule is not "merely" a capsule, but a complex system. So are condenser "capsules", just different details (like how it turns motion to electricity).
Sure, big-diaphragm dynamics are everywhere. Wire a table-radio speaker to a transformer, step 8 ohms up to 200 ohms. In a box it is omni in the bass and significantly directional in the highs. Left wide open it is nearly bi-di over most of the audio band.
The problem is the frequency response. I believe the enclosed dynamic will fall 6dB/oct above resonance. With a very-very small box you might get more 500Hz but less below that. To flatten the response you need Acoustic Resistance. In an EV635A, they pack felt very close to the rear of the diaphragm, and adjust the packing at the factory.
The open dynamic may actually be flat over most of the audio band, or up to around 2KHz for a 4-inch. It may get very ratty at higher frequencies, or the shadowing effect of the magnet may smooth that out to a gentle droop.
If Radio Shack still has the $2 1K:8Ω 100mW transformer, that would be fine. Use it backward and use half of the secondary for about 250Ω output. At low levels it is flat 80Hz-8KHz, and I don't think that will get in the way of initial experiments.
Headphone "capsules" also work as dynamic mikes. The way they tune headphones today, I don't want to guess what their reciprocal response is.
Actually, there is a simple way to get a "flat" dynamic. Take a speaker that is "flat" (or flat-enough) when driven with a voltage source (which is how we drive speakers). Connect it to a "zero impedance" input with a 6dB/oct rising response. The microphone frequency response and directivity will be identical to the speaker response. Yes, if you want a mike that sounds-like and beams-like Altec Voice Of The Theaters, just use Altec VOTs with a very custom transformer. (Talk about your big microphones....)