using an overly sensitive phono stage would CONSIDERABLY change what I'll call the 'electrical profile' of the signal
Well, amplifying a very small signal is always prone to external attack (noise, etc). Also, in a smaller signal you're more dependant on the amplification & the wires, whereas in a higher signal you;re more dependant upon the quality of the coils...
Mr V den Hul once said that, ultimately, one might be better off with a higher level signal fm the cartridge and depend less on the phono. IME, differences were slight either way...
One thing that's palpable is: it's usually cheaper to get more output fm the cartridge than the extra 15db (10? whatever) amplification fm an outstanding phono. Cheers