Same problem for me with my VPI M4 and high output Grado Sonata. Not a huge hum, but motor induced and noticable at high volume levels. I shielded the motor assembly with two layers of mu metal and the hum is pretty much completely gone, I'd say 90% reduced. I could only hear the hum on the last three inches towards the spindle when not actually playing. But you know it's there. Easy to do and effective. A very good tweak for me because the cartridge wasn't cheap. Good listening.
http://www.lessemf.com/mag-shld.html
http://www.lessemf.com/mag-shld.html