help me pick a phono preamp.

OK, how the h*ll can I verify that its the PH1? Is there some way of using my multimeter to measure input V and output V?

Just a thought... Have you tried calling Grado and asking them about what you're experiencing? They've always been pretty good about talking directly to their customers who have questions.
718-435-5340
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Todd, speaking to your question, if you can stretch to $1500 or so, DO NOT overlook the phono stage built by Kevin Carter at K&K Audio. You can either build it yourself (cheaper) or have Kevin do the deed for about this price. Beats anything up to around $4K I've heard, and while I haven't heard 'em all, I've heard quite a few.

I think it says it has about 50db gain. Is that enought for a .5 cartridge?

If memory serves, it is 54db, stock. With the Lundahl step-up (which is included in the price I stated), you'll have more than enough. More than enough for my 0.28mV Benz!