Yes, the Technics SL12x0 series could make a good platform, as it's quiet, precisely and ruggedly built, and spins the platter very accurately.
Les_creative_edge's suggestions are good, but are even more affordable than the prices he mentions. If you buy from KAB USA, the SL1200 is $475; fluid damper is $150 and tonearm rewire is $169. That's about $784. The Denon DL-160 is $180 and the Sumiko headshell can be had for $40, so that's $40 less as well. And the Cambridge 640P is only $169 and I agree with him that it's a great phono front end at the price (and then some).
That's the rig I have and I really like it. I had to upgrade my speakers to get a better handle on how much the AT150MLX and 640P increased the resolution and frequency extension.
Another way to go is to start with an SL1210 M5G so you don't need the tonearm rewire. You can also save money by getting brass cones from Parts Express for about $25, and a cutting board for $25-50 instead of a Mapleshade $150-250 maple plank.
All these approaches compromise the performance very little if at all, and save quite a bit of money.
I would say, however, that if you get an SL12x0 with fluid damper, tonearm rewire, and Sumiko headshell and you're going to run it into the Cambridge 640P, to spend an extra $70 and get the Audio Technica AT150MLX cartridge instead for a mere $70 more at $250, and the stylus is replaceable at $179.95, same price as replacing a DL-160. I have an SL1210 M5G with fluid damper, Sumiko headshell, and Cambridge 640P, and with this rig you will easily notice the improvement in frequency extension, detail, separation, and trackability the AT150MLX has to offer.
Another approach might be to get an SL1200 mk2 ($475), the Origin LIve Technics armboard (about $90), and an RB300-compatible tonearm. This could be anything from an unmodified OL-1 (rebadged RB250 for $240) to a fully-modded OL-1 ($800), or an Origin Live Silver ($1050). With the Silver you'd be up to about $1600. I'd still get the AT150MLX and the Cambridge 640P. That still just about leaves enough money for a VPI record cleaning machine, Or, you could get a bundle of microfiber cleaning cloths (about $10 for a bundle of 25 at Sam's Club), a quart of good record cleaning fluid, and the Walgreen's Perfection Steamer to clean used records (about $30) and spend the remaining $300-400 on LPs (yahoo!).
