Relative Importance of Analog Components

I look at the Cartridge/Tonearm/Phono Stage as one unit. They have to be considered as one unit to achieve the best performance. Modern systems are incredibly good compared to what we were using in the 60s and early 70s. The differences in the top systems are incredibly nuanced as compared to the top Speaker/Room systems which can be night or day. 

You can get excellent sound from  a cartridge/phono stage with a modest but well designed turn table/arm IF it is set up properly in the first place and maintained. IMHO vinyl is not plug and play. It in itself can/should be a hobby if you really want the great sound that a vinyl system can produce. 

I’d want the best turntable I could afford to start with even if compromising on the rest, I don’t want to be changing it very often, I don’t mind swapping in a better arm and particularly cartridge later, though sometimes the arm choice is more or less dictated by it as with the Regas and Well Tempereds.

I’d add set up to the list, particularly when the cartridge has an advanced stylus shape but even with a spherical stylus it’s worth putting in some effort.

Maybe i am old school but turntable/arm are the top of my list. Cartridge could be the last one, as even a modest mm would have a better chance to sing on a better platform than a top cartridge mounted on a much lesser turntable/arm combo. My current set up is turntable/arm/cartridge/ phono stage. I have solved the main part, and i know where to upgrade when ready.