Al:
Thanks for your comments. To address your points:
The phono stage of the GCPH is bipolar. PS Audio uses and Analog Devices microphone pre-amp SSM2019 which has a bipolar input.
If it were an FET stage, it would be a non-issue, as FET input stages have extemely high inherent input impedances, so a source impedance as high as 100K would not impact them much. But bipolar stages, on the other hand, are quite different. Depending on bias conditions, and the gain of the input stage, input impedance may only be a megohm or less, and 50-100K source impedances can make a big difference. The input stage corner frequency is a function of source impedance, and may affect stability in closed loop mode, depending on the design.
Besides the sound signatures of the two types, generally designers use an FET input for MM carts and biploar for MC, because the lower noise current of an FET gives better noise performance with MM, and the noise voltage created by higher noise current of a bipolar is reduced by the lower source impedances of MCs.
Now to the attenuator. You are right about the DC resistance and that the MM impedance will be low at low frequencies. But the response pole created by the RL network in the MM will have the impedance climbing starting at about 200 Hz. It will climb at 6 dB/octave until it reaches the resonant point, and by that time it will be close to 50K. This is exactly where you don't want a high source impedance, at the highest frequencies in the audio band. If I use a 5:1 attenuator, with a total load impedance of 47 K facing the MM cart, the preamp will see a more constant 8-10 K source impedance, all the way up to the cartidge resonance and beyond. Plus, any capacitance at the input of the preamp will be isolated from the cart by the 40 K divider resistor, leaving only the native capacitance of the tonearm cable and interconnects loading the MM cart. IMHO, it is better for a bipolar input stage to see a constant impedance, independent of frequency, throughout the audio band, even if its higher than one at low frequencies.
Re the noise performance, yes there will be a bit higher noise from a 10 K source than from a 500 ohm - 1K source. And, I will need to use a higher gain as well, which could also increase the noise. But my noise measurements of the GCPH (see my post in the amplifiers section) indicate that even at 60 dB of gain in the GCPH, the noise levels are not bad. So today (as opposed to when I did this in the 70's) we are blessed with high gain low noise designs from both the FET and bipolar camps which makes using this attenuator principle more attractive.
Re input capacitance, I would build the attenuator in a RCA loading plug, with a male RCA on one end and a female RCA on the other. The loading plug would be connected directly to the pre-amp input RCAs. The two resistors would be wired in the plug itself. I doubt if the stray capacitance would exceed about 5-10 pF. Even if you use a "Y" connector (which I do not prefer) with a loading plug on one leg of the Y, the added capacitance would still be under 30 pF IF you use a good quality Y adapter. In either configuration, shielding is not a factor.