Thorens TD 125 vs. new cheap TT?

I got hold of an old TD 125 with a (probably equally old) Shure v15 mkII cart. It works, but even my newbie knowledge level can tell that it needs serious servicing. Is this a good turntable worth hanging onto? My budget is very limited, so a new tt would have to be in the $300 range.

If I should hang onto the Thorens, could anyone recommend a good, inexpensive phono preamp and cartridge to go with it?

Thanks for any ideas.