Hi Yogiboy,
It’s not possible to define a simple "yes" or "no" answer to your question, as there are many equipment-dependent variables that are involved.
Phono stage gain of 47 db is a little bit on the high side for most high output cartridges, and significantly on the low side for most low output cartridges. It might be just about right for some Grados that are spec’d in between, at 1 mv.
With a higher output cartridge (e.g., one rated at say 4 or 5 mv or more) a risk would be that in combination with the relatively high 18 db gain of your line stage you might be forced to use your volume control at undesirably low settings, depending on the gain of the power amp and the sensitivity of the speakers, and on the characteristics of the volume control mechanism. Or, if the design of the line stage is such that active circuitry is "ahead" of its volume control in its internal signal path, depending on the line stage’s maximum input spec it might be overloaded on the high volume peaks of some recordings. Or there might be some cases in which the phono stage itself may be overloaded by a cartridge having particularly high output, on the high volume peaks of some recordings.
But it’s entirely possible, and perhaps probable, that none of those risks would materialize in many cases.
With a low output cartridge one risk would be that to achieve satisfactory volume on some recordings you might find yourself wanting to turn the volume control higher than its max setting, depending on the gain of the power amp and the sensitivity of the speakers. And depending on the sensitivity of the power amp you may not be able to turn the volume control high enough to utilize a good deal of the amp’s power capability, should you want to do so. Although the relatively high 18 db gain of your line stage works in the direction of minimizing those risks, unless the cartridge has an especially low output (e.g., significantly less than say 0.5 mv). Another risk, though, that is perhaps more significant, is that a phono stage designed to provide 47 db of gain may not be designed to provide noise performance that is good enough to be suitable for use with many low output cartridges.
So as I say the answer to your question is complex, and involves many variables that are specific to each system.
Regards,
-- Al