From the info listed on the ARC website, the Ref phono stage has 69db gain, so as long as you have about 15-20db gain in your preamp linestage, you should be just fine with either of those cartridges as far as gain is concerned.
You should be aware, as I just became, that the .5 improvements on the JMW arms have some outriggers that make the arm more suitable for lower compliance cartridges, and may do the trick for something like the Shelter. I cannot guarantee it, but it is a step in the right direction for them to have put these outriggers on the JMW.
That being said, I still think it is better to use the arm under less than maximum stress, regarding compliance, and the 2 cartridges you suggested are better in that regard.
They are both very good cartridges, and much would depend on personal preference. I would personally lean toward the ZYX Fuji, but it is not a large margin of difference. It is more of a "splitting hairs" decision, and could go either way, depending upon your tastes. Both would be right at home in any top quality analog rig. Some people consider the Lyra a little "lean" or "dry" on a relative scale. The ZYX is at its best on smaller to medium scale music(slightly better than the Shelter 901), but it still does quite well on large scale music, but not quite as well as the Shelter 901. Some people would say that overall, the Lyra is a fraction below the ZYX or Shelter 901. Again, I would say that this is very subjective, and they are close enough to have to listen and decide.
I don't think that you will be doing any suffering, no matter which cartridge you select from those two.
You should be aware, as I just became, that the .5 improvements on the JMW arms have some outriggers that make the arm more suitable for lower compliance cartridges, and may do the trick for something like the Shelter. I cannot guarantee it, but it is a step in the right direction for them to have put these outriggers on the JMW.
That being said, I still think it is better to use the arm under less than maximum stress, regarding compliance, and the 2 cartridges you suggested are better in that regard.
They are both very good cartridges, and much would depend on personal preference. I would personally lean toward the ZYX Fuji, but it is not a large margin of difference. It is more of a "splitting hairs" decision, and could go either way, depending upon your tastes. Both would be right at home in any top quality analog rig. Some people consider the Lyra a little "lean" or "dry" on a relative scale. The ZYX is at its best on smaller to medium scale music(slightly better than the Shelter 901), but it still does quite well on large scale music, but not quite as well as the Shelter 901. Some people would say that overall, the Lyra is a fraction below the ZYX or Shelter 901. Again, I would say that this is very subjective, and they are close enough to have to listen and decide.
I don't think that you will be doing any suffering, no matter which cartridge you select from those two.