analog newbie questions...

Please provide your price range for both speakers and amp if you would like more specific help.

Generally speaking, the NAD amp/PSB speaker combo represents a good package from a value standpoint. I'd suggest looking for a used NAD C352 and PSB T45s.

Joe,If you're getting the Cambribge phono pre amp,I don't think you would go wrong getting a Cambridge integrated. The cartridge should be fine with the 540p.If there is a possible mismatch one of the analog guys here will probably let you know.Hopefully you can audition some of this equipment and see if you like the sound.

To start, the difference between the 540 and the 640 is huge. If you skimp here, there is no need to spend money further down the line because you will never realize the quality. Get the 640.
The Ortofon 5 is a decent starter. If you decide to upgrade, you only have to replace the stylus with the 10 or 15 if I'm correct.
Cambridge Integrateds or Music Halls are a great way to start.
Make sure you don't skimp on cables. You don't need to spend a bundle but don't buy garbage and don't buy from a big box store.
Finally, Do you really want to forgo a tuner? I'd rather have a receiver than no tuner at all? Look at Music Hall, Arcam, Cambridge and many more.
Have fun, borrow where you can, buy on Audiogon so you won't take a big beating when the upgrade bug hits you.

Awesome, thank all of you so much for the excellant feedback! Now, in terms of cables, and suggestions there? I've heard that they need to be 1 meter long? True? Also, is the ortofon om5e cart a good match with the 640p? Also, how long/how many plays will the stylus usually last?

If you answer some of the prior posts questions, members will direct down the right path. What's your budget ? What do you already own ?
There is a wealth of info about your situation in the archives as well.
The 640P is a no-brainer for the $. I dig mine. I saw a used one on this site the other day. $110 obo ?
Did you already buy the P1 ? If not, there is a lot of good used stuff out there.
Yes, the cart is a good match, but I'm not a fan of it.
Length of your IC's is irrelevant at this point, most are 1M+. A cartridge life depends on the set-up, condition and how clean your records are, 1000+ hrs.
Myself, I purchased a new entry level TT (MMF2.2) and bought a better used TT six months later for half the price.