We had a show in January where we had mics farther from the console than we had mic cables. We also have made several cables from cat5e (3 pin xlr connectors) which we generally use for DMX, but I used them for the mics this time. Granted, it may work until it doesn't, but we had no issues with phantom powering mics on this cable.
My understanding is that cat5 is a low capacitance cable and although it doesn't technically meet the DMX 512 standard it can be used for long DMX runs without the worries of Mic cables. There are several old threads around here about making DMX cables from cat5. So, it should actually be superior to mic cable.