Best Tonearm and Cartridge for 4K or under for restored Garrard 301

@kanchi647 I have two Jim Campbell plinths. Slate and birch-ply. Both AudioGrail 401 tables. One early twin spark, the other later.
Look at my system in my profile. Go with 12" tonearms. Make sure you replace the idler with an AudioSilente one and look to replacing the bearing with a SPH. I’ve also replaced the platter. All this has brought the performance to a level unrecognizable from the original.

@chakster which TT do you use? Thanks for all the suggestions and combos. I will start looking for them on hifishark

All linked pictures above are my own, so i use all those tonearms.
Reed 3p "12 and Schick "12 was on Technics SP-10 mkII as you can see.
My main turntables right now are two Luxman PD-444, here you can see FR-64fx with FR 7fz on the right side.

Most 301 users suggest high mass and low compliance carts. If they are cheap and best, then its a win win.

It’s a classic combination for Garrard, Ikeda and FR tonearms are about $2-3000 each depends on condition. For low compliance cartridges i doubt you can find anything better even for higher price.

But i think Tomas Schick "12 is under $1500 new, very elegant tonearm designed for low compliance cartridges like SPU.

Kanchi;
First, to respond to your response to Chakster, I have a 12" Cocobolo Reed 3P on my Thorens TD124. It is not a high mass arm. Reed markets the different woods as having different masses and there is both an element of truth and an element of misleading marketing there. All of the Reed 3P's regardless of choice of wood are medium mass afaik. Every cartridge I have mounted on my 12" Cocobolo has absolutely sang-including my two Benz Glider LO's which frankly never sounded good on three different VPI arms I used to own. I am currently using an Ortofon Cadenza Bronze on that arm and it sounds great. 
Now as to plinths. Of course Oswald Mills is going to tell you that there granite plinth is best. I believe they will also sell you a cast iron plinth that got press in S'Phile not long ago-though that may only be for the SP10. You read that constrained layer damping is not a good idea for Garrard? Well, how do I respond to that? No offense but you can read all kinds of things on any subject-but they are often not true. Plus, there is no right or wrong. It is a matter of taste. Do you want your Garrard 301 to sound fast, clean, and sterile (admittedly this is somewhat of an exaggeration but I need to express characteristics associated with such high mass inert plinth materials mated to the 301) or do you want it to do the best possible job conveying tone and texture? 
I will give you an analogy; take a look at Jason Victor Serinus's system and his reviews in Stereophile and compare it to Art Dudley's. Or go listen to a system with Magico's powered by CH Precision electronics and compare it to an all-Audio Note UK system. There is no "perfect", there is no "correct" and there is no "does everything the best". You have to choose what you want and what you are willing to give up. Just as with loudspeakers to use yet another analogy. You can't have it all. 

I second @fsonicsmith comment about refurbishment. A full strip down and rebuild is the way to go. check out Matt Taylor of AudioGrail.

On the slate vs wood... while I have 401s not 301s, my experience may be helpful. I found the slate to have a little more glare than the wood plinth. That is, until I put the slate on 3" maple. The slate plinth is amazing at extracting detail and dynamics. The wood plinth a little less so. And because it’s wood, there is a somewhat woody tone compared to the slate. Go with the slate if you want to extract as much info as possible. Ask Jim what he thinks. Note that my slate version has considerable mods as outlined above. Nevertheless, I've been on this ride for a few years now, starting with an old dirty 401 for $700 to  what I have today.  

@noromance I love your setup. Superb! I cannot find the Idler on audiosilente website. Is it pulley? pardon my ignorance. Pls elaborate on SPH and platter. My platter has no markings.
Would you have given it to Jim for cleaning? (I know you used audiograil) They are a bit expensive and shipping.
What are the things below the spikes on the slate plinth. Where did you get the spikes. I like the look.

Thanks to you and everyone who has posted in this thread. Its really fun!