Analog upgrade path for less than $1200

go with the KAB technics, it can not be beat for the $$ as long as you go with Kevin's arm re-wire, dampener trough, and PS upgrades.

Denon DL 103R- $198.00 new
Rega P3 turntable- $300-400 used.
Graham Slee Reflex C Phono amp- $628.00 new

People have forgotten how outstanding Jim Hagerman's designs are - both on an absolute basis as well as at their price point.

Do you solder?

Buy a Hagerman Coronet in kit form (~ $400 to build http://www.hagtech.com/cornet2.html), a Dual 1219 or equivalent, and a Dynavector 10x5 high output MC.

If you don't solder and can stretch your budget a bit, buy the built up phono stage for $1199, a 1219 or equivalent, and the cheapest Grado, Ortofon, etc.

Mess around with headshell weights to get the arm mass to agree with the cartridge. I've made a Dual arm (designed more for high compliance carts) work very nicely with a Denon DL103, but adding 5 grams of weight at the headshell (reset tracking force, of course).

Cheers,
Thom @ Galibier

Your best upgrade for the money is buying an ounce of the Technics DD oil. The spindle well must be filled all the way to the top AT ALL TIMES. The manufacturer's suggested oiling once every 2,000 hours is wrong.