It looks like a uni pivot tonearm. You can adjust the cartridge azimuth by turning the out rigger nut locating left of the tonearm pivot. I have several PD 121 and I like the SME series III arm on them. I also have the Infinitive Black Widow tonearm on them with high compliance cartridges like Shure type III and V. I think your turtable has a circular hole for tonearm mounting and you can install a Rega tonearm on it. You can get a Chrismas light bulb or any 120 volt incandescent mini bulb and it should work with the strobe. I did this with one of my PD-121 and it worked ok. I used my PD-121 to pull my VPI Arries platter. The VPI TNT platter is too heavy for the PD-121 so I use Technics SP-25 turntable. The PD-121 is no match with even the VPI HW-19.
http://www.diyaudio.com/forums/showthread.php?s=b6327e7ee4718f423910cbd63a93d422&threadid=40905&perpage=10&pagenumber=6
http://www.diyaudio.com/forums/showthread.php?s=b6327e7ee4718f423910cbd63a93d422&threadid=40905&perpage=10&pagenumber=6