It this a decent Phono setup?

I agree with Jason, better turntable,

turntable, I would look for used one on hifi engine, within your budget (stretch it, think long). check reviews of ones that appeal to you, ask here again about specific models, questions to ask sellers

https://www.hifishark.com/search?q=turntable

put your price range in, and to see new listings every morning, sort by

’first seen, new first’. all countries, or change to your country only.

note: to eventually use different cartridges: go for ’standard’ removable headshell, ’standard’ S arm. your existing denon has removable, but it fits it’s specific straight arm

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and better cartridge with advanced stylus shape

https://www.sound-smith.com/articles/stylus-shape-information

I often recommend this cartridge (wide channel separation and tight channel balance, and great sounding

https://www.audio-technica.com/en-us/vm540ml

get rid of the ortofon red.

IF you can match the capacitance, replace it with audio technical vm540ML

for the 540ML, the combined capacitance of the tonearm wire, phono cables and phono stage cannot exceed 200pF. 

Your analogue source components are far out classed by your amp and speakers, and I don't think upgrading any of them is a good use of funds. 

Do you have a budget to improve your front end?

Are you committed to vinyl? I ask because my digital source rivals my vinyl source at about 1/4 the cost. 

I agree , a better cartridge would be the best bang for the buck.  If you like the overall presentation of your Red you may want to pick up a 2M Bronze .  I like it a lot .    There are other good choices in and around the $500 point.    Sumiko , Goldring, Audio Technica.   

I have a Hana SL with approx' 200hrs on it, the Cart' with a 100 hours on it, shared the latter 100 hours on a SME IV and Audiomods Series Five Micrometer.

I have not experienced the Cart' in use on the TA that has superseded the above TA's.   

I do believe it has broken in at the time of use, I do not see the need for further hours of usage to achieve a break in.

It is one of the only Cart's I own, that can has failed to present itself as appealing  to me through use, it plays music fine and for me that is the win.

It is idling away in storage, maybe I should have sold it on.