Line level signals are usually around 1 volt so probably not a big deal. However if the voltage is high enough you will saturate the the core of tranny. If done for extended periods you will eventually do damage to it.
Also, if your phono stage is on and you are feeding the tranny one volt I guarantee that you will severely overload the input. So hook up the tranny to the phono pre to "load" it but do not turn it on and risk damage.
Also, if your phono stage is on and you are feeding the tranny one volt I guarantee that you will severely overload the input. So hook up the tranny to the phono pre to "load" it but do not turn it on and risk damage.