Setting up old Pro-ject turntable.

So, I was at a garage sale and purchased a bunch of vinyl. I got home and dug up the old turntable; a Pro-ject 1.2.

I acquired this turntable used about 15 years ago, maybe. Anyway, the anti-skate weight was missing and this and that and the other, but I got it to go but it was less of an impact that I remembered years ago.

Question is, is it worth getting this turntable back into shape (new needle, new preamp, etc.) or get something new. And if I got something new what is suggested? My budget is maybe about $500.

I looked at the Project Debut Carbon DC and I am wondering if this is just a new version of the 1.2 or an actual upgrade. Am I just trading apples for apples?

Thanks in advance...
I think if you spend 500 new it won't be much better. I would either fix it up, lubricate, align and new cartridge, or spend 1k in the used market.
Keep the 1.2 and buy a new cartridge for around $200 and then a used phono preamp for $300 or so and you'll have a fine setup. A replacement mat would help as well; the stock felt mat can be greatly improved with a good cork mat or a Herbie's Way-Excellent mat.

The Debut Carbon is a good 'table but as Analogluvr says, you're most of the way there already.