How does a solid Tec 1200 MK2 stand up these days?

If you like it and willing to use it then all you need is to rewire your mk2 with something like Cardas or Discovery wire for tonearm (internally), will cost you about $30-50. Something like Zu Audio Mission Phono RCA from ebay promos (directly from the manufacturer) for under $100 depends on the auction final price. Then you can add a platter mat like SAEC SS-300 and Isonoe feet. It will be a nice system with vintage MM cartridge. Just like this. Add Micro Seiki ST-10 disc stabilizer on top and you’re done.

Some people prefer to remove the stock tonearm, this deck can be much better with something like Denon DA-401 instead of the stock arm, but it depends how much you can invest in this turntables.

Remember that some better japanese vintage DD turntables available with better tonearms, better drive, better plinth etc. My next was SP-10 mkII and SP-20.

Upgraded Technics SL1210 mkII is not my main turntable and it’s not even in my main system, but i have it in use for about 23 years and never had any single problem with it. Today’s price for a used unit is something like $300 and i doubt anyone can find something better at this price. 

That is honestly the best response I have ever received to a post. I so appreciate your time and input. So you think the platter mat is a bigger change than the tone arm? I know I need to look at my cartridge as well.

Thanks
In my opinion serious cartridge is the most important and full rewire of the deck. The mat is also a must have since the stock mat is rubber. SAEC SS-300 is the best mat money can buy and a perfect fit for Technics. 

Regarding the arm it is a tricky question, some new tonearm alone cost more than entire turntable. So it depends how much you're willing to invest in old Technics mk2. To keep the price reasonable it is better to start with mm cartridge, full rewire, new feet, and mat ... A silicone fluid damper for Technics stock tonearm is a nice option for high compliance cartridges. I did all these with my pair of Sl1210 mk2 and decided not to change the arm, instead i bought next turntable (SP-10mk2 :)