@audphile1 You have a great suggestion. Please check my analysis below:
Shelter 901 output is 0.5mV at 0 dB. Zphono gain is 60 dB (1000x). So the input to the xp-12 is 0.5V at 0dB.
This is right in the sweet spot for input. 20dB more might cause a problem., but that's 5V. I don't think any LP has peaks that high. Measurements by Super Best Audio Friends shows that the THD is 0.001% at 0.5V in according to those measurements.
I just measured the output of the phono preamp with an LP playing. My AC voltage meter indicates a range of 50mV to 300mV as the LPs are played. This is for one channel measured at the RCA outputs (single ended not balanced).
The input signal level shouldn't be the problem.