Correct Way to Connect an EQ in my Hifi System ?

Instead of swapping TT cables as needed, you could use a small phonostage and run it into a Line input on the Marantz.
Or use a passive switch box and hook up both TTs. Then run the output to the amp.

I see the Marantz has a preamp output and no input to the amp. You could use the Tape Out to the EQ, then back into Tape.
Plug all sources into the amp inputs, they would function as normal. When selecting Tape source you would have the EQ as your source. To change sources to the EQ, input the sources into the Recorder on the front of the amp.

lowrider : 
so tape out to EQ , output of EQ back into tape in ....
plug all components into there assigned inputs in back of amp 
TT 1 into Phono 
TT2 into Line 1 
"To change sources to the EQ, input the sources into the Recorder on the front of the amp." 

Im not following that? input sources into the recorder on front of amp? 

A tape deck has to have an input selected in order to record it, ie, recording from a record.
Instead of a tape deck you're using the EQ.

so you are saying when I turn my selector to tape recorder 1 (with EQ looped in that channel) It should EQ all components? As far as I know when I select Tape recorder 1 it just outputs that 1 channel & I should hear nothing ?? I don’t have a switch on front of Marantz that has that "tape monitor" switch like the old days w my old receivers...I do have a REC OUT button , that's it ...

here’s what I did :

Tape Recorder 1 Out > In to EQ
Tape Recorder 1 In > Out of EQ
Turned Selector to Recorder 1 and turned on TT w LP - got nothing

The only thing Im not getting is "input all sources on front of amp" what exactly are you talking about there? 

Usually the tape deck has a switch called input selector or something similar. Also there should be a switch called monitor which selects TAPE or SOURCE. One you will only hear the tape, the other u only hear your sources and Tape is muted.

Can you link the user manual?