Grimace, you missed a point when you said "It does seem like the step-up transformers are considerably less expensive that full phone stages." As I tried to explain, a full phono stage includes both RIAA compensation and at least one gain stage. A step up transformer is only a gain stage so it cannot function by itself, it must feed a phone stage with the RIAA compensation. That is why they are (sometimes) less expensive.
Also, thanks Hdm for the correction on the 103R output.
Also, thanks Hdm for the correction on the 103R output.