I had the same table. I noticed a big improvement in the SQ by replacing the Blue Point with a Dynavector 10x5. I'm not saying you need that cart, but just answering your question that you will see improvement in that table with a better cartridge. I think it would be good up to about $1k.
But, I'll also say that I don't have that table any longer. I have a vintage JVC VL8 from the early 70s that my dad bought brand new in 73. I compared the two tables next to each other, same system, same cartridge, after setting up both tables for the cart. The JVC easily bested the ProJect. I really wanted the ProJect to be better, but it wasn't so. The JVC had better bass, richer fuller sound, and quieter. I was surprised, but soon sold that ProJect, and now use the JVC for several years.
It's all about what you want to achieve. I'm sure you'll find the right path. My path was improve the table, step up to AT ART9, and then improve the Phono Preamp to Manley Chinook. I did that over a few years, and found it to be a good path.
Good luck!