New phono preamp vs NAD 1020

Probably lateral. A Cambridge 640p is probably the best phono preamp in your budget range

Thanks Manitunc. How do think the Cambridge would compare to Musical Fidelity's V-LPS?

I think you must find your current Phono stage is wanting. If that is the case then by all means get a new Phono stage. I assume that your cartridge is a MM. I think you should save up a few more bucks and get the Graham Slee Gram amp 2SE. It runs about $450 new but it is a bargain at that price. I strongly recommend it, I am very satisfied with mine.