Recommendation for analog set for $700

I think you're starting to slide down that slipperly slope of "is this better than that". Right now, you have zero frame of reference for analog. As I said above, as you are just starting out, I would avoid anything that requires a lot of analog knowledge, such as a vintage tt or one that requires professional setup. Out of your two choices, I would chose the Rega and just listen to it for a couple of years. You will then have a fixed reference in your mind from which you can judge the superiority, or lack therof, of any other tables you may choose to audition. With an old tt, you will spend half your time posting questions on how to adjust whatever and wondering if it's right. That's exactly what analog shouldn't be. I know one guy that had to get rid of his very nice tt because he lived in the constant state of anxiety of whether it was set up correctly. Get a nice new tt, set it up and then sit back and enjoy. At least that's what I think.

Chayro, thanks for the advice, I agree with you. The only reason I am interested in the Empire is that there is on currently selling locally a bit less than P3-24, and it seems it has good review. but if it is something that requires set up, then I will pass.

It seems I will wait and target for a Rega P3.

Next question is ... What cartridge and phono preamp to go with the Rega? Any suggestion? Assuming I can get a P3 for 300-400, then I am thinking a cartridge ~$200, preamp ~$200.

It's important to have a good cartridge/tonearm match or you won't get the most each is capable of. Personally, I would buy a Rega MM cart, install it using Rega's 3-point mounting system and forget it for a few years. They're fine carts and require no setup in Rega arms.

Agreed that you need to think of a good arm/cart match.

Good advice from Chayro regarding not to buy vintage. A Rega P3 is a very good start, but only buy from a trusted source such as an original owner or dealer. Don't buy an Ebay special that has been passed around.
If you want to compare tables against the P3, consider a MUSIC HALL or PROJECT DEBUT CARBON as suggested earlier.