Instead of the PL120, for around $200 you can get the Stanton T.90. The Stanton comes with a stanton 500 cart so it's a better deal. And the Stanton 500 also happens to be the best affordable cart for 78 playback. You will have to get a 3 mil stylii, but those are easy to find and also very affordable. It also offers digital output, which may or may not be of interest. This should be the top choice for entry level 78 without going used.
For the next step up I would suggest a Lenco.
For the eq curves, on a budget set up you can get by with a plain old multi-band equalizer.
I will say that Lostchord's memories are deceiving him. Some 78's can be enjoyable for sure (while others sound like garbage), have a different flavor sound, and also have non-musical value as artifacts but, no, they're not rivaling modern lps. Or CDs. Some did sound better than their lp equivalents during the very first year or so that lps were first on the market, but that's a very limited exception to my statement. Also, the last generation of 78s often were not direct-to-disc.