I had a Shure M97xE on my first "good/cheap" TT, an early AR ES-1 with Linn Basik arm (I paid $35for it!). The Shure did fine. I still have it around as my spare cart. I'd recommend it--it should work fine in that setup, and the little brush can be good for someone who might not care for their records properly. Mine picked up plenty of dust bunnies before I got a VPI RCM. FWIW, I was in college when I got the Shure ;)
Like tommy says, watch out for humming Grados.