Analog upgrade path

I would dump the turntable. Buy a pro-ject classic evo and a hana el cartridge (crazy good for $475) or both the goldring eroica lx and Denon 103. Alternatively, buy a Music Hall mmf-7.3 with pre-installed ortofon 2m bronze. Then grab a pro-ject tube box ds2, a killer tube stage for a grand...go look at the reviews. It slays stuff costing much more and has all the adjustments you would ever need. Lastly, buy an apollo turntable shelf, built like a tank in the UK. If you want to throw money away on a 5k phono stage, go right ahead....there are plenty of phono stages available for a grand that are fantastic. Another would be the Tavish classic @ $699. Even the tavish adagio is only $2500.
I speak from actual experience, as I own all the above, with exception of the adagio. You will need to spend 10k or far more to get significantly better analog sound. One last thing I forgot to mention, I would highly recommend the Jensen Mc 2rr step up transformer for the both the Hana el and Denon 103 cartridges. It is an amazing SUT for $599. The Jensen has a built in load of 430 ohms, perfect for both cartridges. Also, use dedicated low capacitance short run phono cables such as those made by Atlas cables or Rothwell. I use .5 meter lengths.

You don't say what cartridge you are using.
It isn't a good idea to upgrade turntable and skimp on the phono amp.
Getting a nice phono stage will certainly be the single best sound quality for money move for you now..

I have had many ARC pieces; until last year I had run an LS5 with a PH2 - both fully balanced.  This lasted me for trouble-free years 25 years and I liked the ARC flavoured sound.

I have upgraded to a Ref 6.  After a two month loan, I went with the van den Hul Grail SB.  It may be outside your budget but IMO it is a good bit better than the top-end ARC and a lot better than Boulder 508.  Overall this upgrade has transformed SQ by a quantum leap. 

figuring what goes well with what is what makes this hobby fun as well. many roads leads to rome. a skilled knows how to make a cheap system work and otherwise a poor player can make expensive gear sound awful. 

having a good turntable which allows good vta vtf adjustments, low noise and rumble. i think that goes before investing a more better cart that not only suites the setup. 

eg. audio technica is more thin sounding
. it sounds better with idler type of tt. nagaoka will work well with dd. well nothing written in stone but leave budget for experiment