New to Turntables

@builder3  

Yes, but the option exists for two different connecting methods:

Option 1: Turn off Denon's built-in pre-amp. Connect RCA to RCA to Yamaha's Phono section. Connect GND from Denon player to GND on Yamaha.

Option 2: Turn on Denon's built-in pre-amp.  Connect RCA to RCA to the Yamaha on any available section.

I sort of get this feeling, after reading the Denon's manual online that the built in pre-amp is sort of a last resort method and that they prefer you connect to an external pre-amp.

Last resort? Yes, by and large. In your case though Yamaha, by and large means try and see. Same for ground. By and large just don't cut it. Good example, just got a new Origin Live Enterprise arm. Terrific arm. Hum in one channel. Hate hum, because you just never know where or what until you luck out and find it. In this case I decided to try and disconnect the ground. By and large that would yield horrible hum. In this case though I lucked out- hum eliminated. Why one channel not the other? Who knows? Why ungrounded dead quiet when it should be ruinously loud hum? Who cares? Not me!  

In your case for all we know the built in stage being built to eliminate such problems may well wind up being the better or at least more quiet way to go. Or not. Point being you can ask and ask and take polls and ask some more- and never ever know.  Until you try. 

I’d start with Option 1. Either way, the turntable is still designed to be grounded in the original manner, (I believe). Don’t reinvent the wheel unless it’s absolutely necessary.

Hello,
Yamaha phono stage will probably be better. Also, I like the idea of the Schiit Mani just to try it out. I own it for a cheap rig in my office and it works great. I would go with the Nagaoka MP110 instead of the Ortifon Red 2m. The Nag is a little more forgiving in my opinion. That what you need is forgiveness in sound. Also, with the Ortifon you might need to adjust the VTA if you can or get a different mat. With the Nag  it is very similar in size to the cheaper cartridges so no need to readjust the VTA. Basically what might happen is you might get more bass than you want with the Ortifon. If you can adjust the VTA I would go with the 2M blue. For an extra $150 it makes a big difference. People do this upgrade all the time because of the sonic impact. I hope this helped and best of all I have experienced this myself. 

simply try both, pick your preference.

my phono eq experiences:

main system:

had AT120 TT with switchable built in 'dinky' phono eq.

had McIntosh C28 SS Preamp, with phono stage, presumable better, right?

I preferred the dinky AT phono, sold the C28.

bought a vintage McIntosh Tube Tuner/Preamp, much prefer it's phono eq. Changed TT, arms. cartridges, love the mx110z's phono eq, thus use a SUT for MC so I can still use the mx110z's MM Phono EQ.
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Office System:

added a TT with MM. Needed Phono EQ.

bought Cambridge Duo. did NOT like it.

bought a Pyle $14. phono eq, to use while looking for something better. Sounded darn good, sent the Cambridge back.

Changed to a Luxman with both MM and MC built-in. Prefer it, gave the Pyle to a friend.