Here's another arm that popped up today, also with VTA on-the-fly:
https://www.audiogon.com/listings/tonearms-tonearm-2017-11-21-analog#&gid=1&pid=3.
As far as overkill on a TD160 goes, one could readily argue the Unitrac was overkill on it back in the day, too. IME, the biggest difference to vinyl playback is adjustable VTA OTF. No two records are the same thickness, and styli have to be in the correct geometric relationship to the grove to allow cartridges to fully and properly transduce motion to electrical signal. Even a fraction of a millimeter in height makes an audible difference. And you can only hear that difference clearly when the adjustment is OTF.
Could you get more out of the Graham, or Micro Seki, or even your old Unitrac on a different table? Sure. Will the table make as much difference as VTA OTF? IMO, no. The TD160 is a good table and if it's mechanically sound, you can mount whatever arm you want on it, enjoy it and then move it to something else if/when you feel the time is right.
Remember always this is a hobby with an infinite variety of viewpoints and yours is the only one that ultimately matters. So, make the decision you feel is right for you and pursue happy listening!