Cartridge suggestions

The Hana EH would be an excellent candidate. It is about $475 and is the high output version of the Hana EL. It is a high output moving coil. I have the Hana EL and in my opinion it is the best 500 dollar or under cartridge available.

A second choice would be the Sumiko Blue Point No 2. It is @ $440. It too is a high output moving coil cartridge and is a close second to the above Hana. 

Lastly, for a moving magnet choice at only $299, is the Sumiko Moonstone cartridge, as reviewed by Analog Planet's Michael Fremer. Probably one the best under 500 moving magnets available. 

If you want to go cheap, I have to suggest the Ortofon super OM 10. It is simply a wonderful moving magnet cartridge for the money and is easily upgradeable to the OM 20, 30, 40....by swapping out the stylus....super OM 10 can be had for a measly 75 bucks on Ebay. 

I have the Hana EL, and I agree that it is the new Denon 103 and better. Go for a Hana EH, there should not be a very big difference in performance to the EL. Or get a SUT so you can have the EL.

If your friend changes his mind and would consider a vintage MM... I have the Technics EPC-205C MKIII with the original stylus and a JICO SAS. It is very good, and today you need to spend a lot to get the same performance. It is neutral. The EPC-100C is a step up. 

Yes, I agree with above, as a SUT will open up an even wider window to what the Hana EL can do! The SUT will allow you to just utilize existing moving magnet phono input/stage.  There will be no major difference in the  EL & HL as they are both very good. I currently use both the pro-ject tube box ds2 as well as the musical surroundings phenomena 11+ with the Hana EL set at a load resistance of 400 ohms @ 60db of gain and it sounds glorious.Taking the SUT route to run the EL will extrapolate possibly even greater amounts information and inner detail from the EL. The Rothwell line of SUT's made in the UK can be found on ebay. Some models use lundahl transformers from Sweden which are known to be of the best quality. The lower tier MC-1 is the lowest priced model at about $350, but does not use the above swedish made transformers. Although this in combo with the EL would put the cost several hundred above budget, it may be a viable and worth while expenditure. 

Recommended SUT's????

I posted this in the wrong thread yesterday

audio technica lowest price Microline Stylus, $170.

https://www.audio-technica.com/cms/cartridges/e798922daa95de6d/index.html

540: current dual magnet version like my old 440ml, $250.

https://www.audio-technica.com/cms/cartridges/e7a3d4bc8b248b64/index.html