If you have a Phonoe stage that can handle low-output MC, try a Denon DL103 (or the 103R). I have the 103, bought the thing for 200 bucks, and it really is amazing. I previously had the Dynavector 10x4 which I certainly did enjoy, but I enjoy the Denon a lot more.
Grados can work well on Rega arms, however...I have not used the P25 myself but have heard complaints that certain Grados will sometimes hum on Rega TTs, as can sometimes be the case with ARs and VPI HWs...maybe someone with direct experince can elaborate...
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