The M-Audio M-Track Solo has specified a max gain of 54 dB so it might be a bit marginal for a dynamic mic.
Nah, it's fine. System gain works out to about +53.4 dBFS/dBu if I get
@Julian Krause right, and EIN at -129.4 dBu(A) is as good as anything, really. (Input clipping level at min gain should be about -3 dBu.) If you want the best input for a dynamic mic in a little cheap-as-chips USB interface, this one beats out even the Behringer UMC22... the preamp is roughly on UMC202HD level.
Of course the PCM2900's ADC is no great shakes by modern standards, but the "24/192" USB chips you find in mics like ALC4042 and ALC4050 aren't a great deal better either, maybe +3 dB worth of dynamic range, and until somone puts an ALC4080 inside an audio interface no major upheaval is expected in this (single-chip) class.
~85 dB(A) is pretty much all a voice recording setup needs anyway (if you do the math, the M-Track's preamp EIN equates to -76 dBFS(A) at full tilt, well above ADC noise floor), and with a dynamic mic, ADC filter ripple would be one of my lesser worries, too. So in practical terms, this construction would be far more useful than e.g. the old Lexicon Alpha or a Presonus AudioBox USB 96 with their better converters but awful preamps. The folks at Behringer realized this first, but M-Audio has arguably improved on this level a bit (gain knob idiosyncrasy aside).