I have a completely restored Thorens TD-125 with a Saec WE-308L tonearm and Technics EPC-U205 mkIII cartridge w/a new Jico SAS boron Stylus. A huge plus to the phono system is being able to adjust the VTA on the fly. I purchased a Fonolab tonearm adjustment mechanism. Very simple cool item that took the tonearm to a new level. Records are so varied in thickness now. From very thin to 200 gram vinyl and adjusting from the different thicknesses makes all the difference in the world. A record can sound dull and with a simple adjustment on the fly it becomes detailed and dynamic. Or it can sound too bright and harsh and adjusting the toney down a hint makes it sound full and smooth and brings the bass in.
A good preamp is also soooo important! I had a very modified Cary Audio AE-3 phono pre in a larger chassis with a separate PS. It had the best Mundorf caps and extremely modified. It was really good but then I picked up an old Theta Tube Preamp that I’ve converted to just a phono preamp. I completely updated and rebuilt the PS board in it and installed a few hundred microfarad’s of Polypropylene Solan caps and a separate PS with a new toroidal power transformer and choke input and large value electrolytic and propylene caps. It takes about 3 days to fully charge and sound its best so it’s on all the time. The phono and gain section have V-Cap TFT (teflon) caps and StealthCap Caps. It now sounds more detailed and smother with a wider sound stage then my digital system which is fairly elaborate setup also. Both are enjoyable but I really love and prefer the analog system now.
Big areas of importance (but not all of course) are the turntable, isolation, tonearm, VTA, cartridge and type of cantilever/stylus, phono preamp and of course an excellent line stage. I have a custom built hand-wired balanced line stage based on the Cary Audio SLP-05 but with a huge separate PS and all Mundorf EVO silver/gold/oil caps in the signal path. My balanced output DAC feeds into the line preamp and the Theta Tube Phono preamp feed into the line stage and is converted to a balanced signal to my amps.