Rvpiano, I was rushed yesterday, and didn't have time to respond adequately. There are tweaks that will take the sound of your P3 to a whole higher level, I am going to list them, and you can do them as your time and budget will allow.
If you can solder, you should be able to handle that motor; as I recall, it's not too difficult. What I was trying to say before, was that the motor and the PSU are recommended together, so if you bought your table used, you might already have the motor.
The incognito Rewire Kit for Rega Tonearms is highly recommended. It is difficult and you'll need to send your unit to "Galen Carol Audio"
"Groovetracer" Deluxe sub platter.
The "Heavy Weight" for your tonearm.
Those are the tweaks I recommend, and the only one you won't be able to do is tonearm rewire; tweaks work well for the Rega, if you see others that are specifically recommended for your turntable, try them.
Happy listening.