With a step up transformer, the phono section would be loaded at the 47k ohm setting, and the load for the cartridge would be set at the input of the transformer, at an amount about 1/2 what is suggested as the normal load for going direct in to the phono stage, unless there is some specific directions by the manufacturer of the cartridge that it should be loaded at "X" for direct input, and "Y" for transformer. Some cartridge spec sheets will specify the loadings for both direct input and transformer.
I use a Shelter 501 with a step up transformer, and find that it works very well at a transformer loading of 40 ohms.
I use a Shelter 501 with a step up transformer, and find that it works very well at a transformer loading of 40 ohms.