OK, based on your budget of <$1,000, if I was in your exact same position ... knowing what I know now (picked up almost entirely from A-gon and a few email exchanges with the good folks at needledoctor.com ... this is exactly what I'd do:
1) forget about the Rega. I had an old Thorens. It's history. Instead, pick up an Audio Technica AT-PL120 direct drive table. Retail is $300, but they can be had on eBay for $250
2) Replace the stock cartridge with a Audio Technica AT150 MM. Go to J&R Electronics. Available for $250. Or go with the Ortofon 2M Blue ($200) for a little better gain.
3) Add a Bellari VP129 Tube Phono preamp $250. I really like the sound I get with mine. This allows you to do a little tube rolling, so you can tailor the sound to your musical tastes. It comes stock with a 12AX7. I prefer the NOS 5751.
4) Invest in a MintLP cartridge alignment protractor $120 delivered.
There you have it; and it leaves some left over for, stylus force guage, spare tubes, upgraded interconnects, record cleaning supplies, etc, etc ...